28 October 2012

AMEC and Samsung form JV in Houston, Texas for growing offshore market

Houston, United States - 25 October 2012 – AMEC, the international engineering and project management company, has formed a joint venture with Samsung Heavy Industries and Samsung Engineering to carry out the design engineering for fixed and floating offshore platforms, FPSOs and subsea pipelines for Samsung’s future offshore oil and gas projects. 

The joint venture, which is subject to final regulatory approvals, has been named AMEC Samsung Oil and Gas LLC (ASOG). It is 51 per cent-owned by Samsung and 49 per cent by AMEC and will be based in Houston, Texas, United States. 

It will bring together AMEC’s world-renowned design engineering capability and extensive experience in offshore projects and Samsung’s leading project management expertise and shipbuilding technology. 

Samsung intends to use ASOG for future FEED (front end engineering design) and detail design of offshore projects, which will strengthen its core competence to meet the needs of its fast-growing offshore business. 

ASOG will initially be staffed by specialist staff seconded from the parent companies but it will also recruit externally with the aim of employing up to 500 people by 2018.

Andy Sallis, President of AMEC Oil & Gas Americas, said: “The ASOG joint venture will provide Samsung a wealth of broad-ranging and in-depth expertise for offshore projects. It is an exciting prospect and we look forward to a long and fruitful relationship.” 

Mr C H Park, Chief Technology Officer of Samsung Heavy Industries, said: “We are delighted to collaborate with a leading offshore engineering firm such as AMEC. Through this dynamic partnership, we look forward to sharing our expertise and expanding our competencies and presence in this fast-growing offshore industry.” 

AMEC (LSE: AMEC) is a focused supplier of consultancy, engineering and project management services to its customers in the world's oil and gas, mining, clean energy, environment and infrastructure markets. With annual revenues of some £3.3 billion, AMEC designs, delivers and maintains strategic and complex assets and employs over 29,000 people in around 40 countries worldwide. 

Samsung Heavy Industries is one of the largest shipyards in the world with 2011 sales of 12.06 billion USD. The company has a capacity to build 65 commercial ships and 250,000 tonnes of offshore topside modules each year. Samsung heavy Industries has achieved unbeatable leadership in the high-tech shipbuilding sector by maintaining the world’s No.1 share in the drillship, ultra-large container ship, LNG carrier and FPSO markets. In the offshore facilities sector, the company has fortified its reputation through its excellent technology and rich experience, by successfully delivering the world’s largest platform and SEMI rigs. 

Source: AMEC