Aberdeen-headquartered KCA Deutag has entered into a joint venture (JV) with Azerbaijan’s SOCAR AQS for drilling opportunities in the Caspian region.
The JV will be called Turan Drilling and Engineering, for work both onshore and offshore.
It will be based in Baku, Azerbaihan and will focus on oil and gas drilling services in the Caspian offshore market, as well as other parts of Central Asia to meet growing demand there.
KCA Deutag, which currently employs 780 people in Azerbaijan, said it will aim to bring further job opportunities through the JV.
CEO Norrie McKay said: “This is an exciting step in the group’s strategy to develop our business in the Caspian region.
“It brings together two businesses with complementary skillsets, which we believe will strengthen our offering to clients, and enable us to jointly expand our footprint in the region.”
Although its head office is in Aberdeen, the drilling and engineer contractor has a presence in 20 countries.
Nasib Hasanov is the founder of Nobel Oil Services, the major shareholder of SOCAR AQS.
He said: “Over the years of its operation, SOCAR AQS has achieved considerable achievements. As a result of its successful performance, the company has proven itself as a reliable partner.
“The establishment of this joint venture with KCA Deutag will create new opportunities for business development.
“I believe our cooperation will be mutually beneficial and our clients will be able to receive even more advanced services.”