Singapore’s offshore engineering contractor Oceanstar Elite Group (OEG) and Indonesia’s Synergy Engineering Group (SEG) have signed an agreement to establish a joint venture, in part to look for opportunities for acquiring engineering assets.
OEG said in a statement that the new joint venture would provide full engineering solutions to the offshore oil and gas industry, but it would not rule out the possibility for acquisitions by the partnership.
The memorandum of understanding is the first step for the companies to work towards a joint entity, which will focus on engineering for offshore facilities such as floating production, storage and offloading vessels, semi-submersible platforms and tension leg platforms.
“This MOU allows both parties to collectively share their manpower resources and explore potential collaboration, as it relates to technical and operational aspects of upstream oil and gas engineering projects, as well as jointly evaluate and consider potential acquisitions and other new business opportunities that both parties agree may be of interest,” OEG said in a statement.
The agreement allows the companies to leverage their respective strengths and expertise in the evaluation and future pursuit and development of energy and other projects worldwide, added OEG.
The company was incorporated in 2017 in Singapore. Via its Indonesian joint venture Timas Oceanstar Indonesia (TOI) it owns the Trunojoyo 01 floating production unit, which was put into service at Madura project offshore Indonesia for Husky CNOOC Madura Limited last October.
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The newbuild FPU has gas processing capacity of up to 175 million cubic feet per day.
The TOI joint venture between Timas Suplindo & Oceanstar Corporation Indonesia was established to invest and own the Trunojoyo 01 FPU.
SEG is an Indonesia-headquartered offshore engineering consultancy, with offices in Singapore, Malaysia, Vietnam , Thailand and Myanmar.