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SINGAPORE: Energy and resources company Ausgroup says it has entered into a joint venture with an unnamed European partner.
Together, they will tender for projects worth S$21.6 billion in the areas of insulation and fireproofing.
The 50-50 partnership will work on the Shell Eastern Petrochemicals Complex Project and the Exxon Mobil SPT Project.
Both parties will contribute equally to the projects.
Total project values are estimated to be more than US$10 billion, with insulation and fireproofing typically around 2-3 per cent of the total budget.
Ausgroup's unnamed partner is a major European engineering group with global operations.
Ausgroup says the group worked with both Shell and ExxonMobil for many years, and has a track record of engineering work related with the oil & gas industries.
It includes mechanical fabrication and installation, thermal and acoustic insulation and fireproofing.
Mr Stuart Kenny, Managing Director of AusGroup said, "Having such a prominent partner immediately enhances our overall profile and our chances of securing substantial work. Furthermore, having such a strong partner ensures that we will not over commit management resources."
He said both parties might explore cooperation on other work in future should this joint venture prove successful.
The joint venture has already prequalified to tender for work on the Shell Houdini project, with the joint team currently working on the tender. - CNA/yy
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