Norwegian ocean services provider DeepOcean and Saudi Arabia-based Jana Marine Services have entered into a heads of terms agreement to establish a joint venture company that will offer integrated subsea solutions to the offshore energy industry in the Middle East.
The intended joint venture, to be named Jade Subsea Services, plans to enter into a five-year charter agreement with Jana Marine for a newbuild DP2 hybrid vessel capable of performing subsea construction; inspection, maintenance and repair; and dive support activities.
Øyvind Mikaelsen, CEO of DeepOcean, said the partnership will offer the offshore oil and gas industry in the Middle East region, "a highly competitive and fully integrated subsea services solution."
"Our strategy is to continue expanding our fleet for carrying out topside and subsea inspections, repair and maintenance of offshore oil and gas installations," added Mohammad AlSubaie, CEO of Jana Marine. "We will provide purpose-built offshore support vessels and equipment, while DeepOcean brings its specialist subsea competence."