Keppel O&M inks joint venture agreement with Russia’s top oil company

A design and engineering centre will be established.

Keppel Offshore & Marine has inked a shareholders' agreement with Rosneft, Russia’s national oil company, to set up a Singapore-incorporated joint venture company. Keppel O&M and Rosneft will each have a 45% stake in the company, while the remaining 10% stake will be held by Norwegian drilling equipment firm, MHWirth.

The joint venture company will establish a wholly-owned Design and Engineering Centre (DEC) in the Russian Federation. Its main business activities will be the design and engineering of mobile offshore drilling units (MODUs) for shallow waters to cater to the region.

The initial projects undertaken by the DEC will be from Rosneft for design and engineering work related to shallow water platforms. It will also look to take on work from other Russian and international customers.