TSC Group Holdings, a product and service provider for onshore and offshore drilling industries, has entered into an agreement with Offshore CC FZE to establish a joint venture (JV).
The JV company, OIM, has been incorporated in Singapore and will have operations in Singapore as well as in Norway and the United Kingdom.
According to TSC, OIM derived its name from Offshore Innovations Management, which was founded by Oddgeir Indrestrand who originated the concept of a single jack-up solution capable of operating in the harsh North Sea environment with capability to combine Plug and Abandonment (P&A) operations on offshore oil wells and decommissioning platform removal, and installation if required.
“The JV’s objective is to provide a much needed cost effective and practical solution for a rapidly growing demand for P&A and decommissioning operations. OIM’s unique value proposition will enable TSC to be well positioned to gain early access to the vast and fast growing market for P&A and decommissioning market,” the company said in Hong Kong Exchange notice.
The JV will be held 70% by TSC and 30% OCC FZE. The JV will primarily function as the company which will market, operate and maintain the fit-for-purpose rigs designed by OIM for operations in the North Sea for several major oil companies.