16th Feb 2009 12:25
AMEC plc
16 February 2009
AMEC and Black Cat create world class joint venture for oil and gas in Qatar
London, United Kingdom (16 February 2009) AMEC, the international engineering and project management company, and Black Cat Engineering & Construction W.L.L. (BCEC), a leading contractor in the State of Qatar, have entered into a joint venture agreement to offer asset support services to the oil, gas and petrochemical sectors in Qatar.
The new joint venture, to be called AMEC Black Cat, will be registered in Qatar and will offer facilities engineering, maintenance, shutdown and workshop services and access to international suppliers. The combination of AMEC's global capabilities and strong customer relationships, with the long established local capabilities and market position of BCEC, will give the new company the ability to bring international best practice capabilities, but with local delivery, to its customers in Qatar.
AMEC will provide in the region of £1.5 million in cash, and will hold a 49 per cent shareholding in AMEC Black Cat, with the initial capitalisation of the new company being £2 million.
AMEC Black Cat will be governed by an eight member Joint Venture Board under the chairmanship of His Excellency Sheik Hamad Bin Abdulla Al Thani, CEO and Chairman of Qatar Investments & Projects Development Holding Company, the parent company of BCEC. The joint venture will managed by a Chief Executive who shall, in the first instance be a secondment from AMEC's Natural Resources division.
Tony Cruddas, President of AMEC's Natural Resources Growth Regions business said: "This new joint venture is part of our long-term strategy to not only work in countries, but also to be an integral part of their future. I am delighted to be working with Black Cat as we come together to offer world class services to the State of Qatar, part of our strategically important Middle East region.
"AMEC Black Cat sees significant long-term opportunities in Qatar and looks forward to helping customers deliver projects safely, on time and on budget."
His Excellency Sheikh Hamad Bin Abdulla Al Thani, the Chairman of Black Cat said: "We have created this joint venture to offer world class services to major companies like Qatar Petroleum and its international partners. The JV with AMEC enables us to offer much needed services to the rapidly expanding oil and gas production facilities in Qatar. The selection of AMEC as our partner is consistent with Black Cat's drive to offer the very best services through association with a world class partner."
Enquiries to:
AMEC plc +44 (0) 20 7539 5800
Sue Scholes, Director of Communications
Neil Jamieson, Director of Investor Relations
Media:
Frank Stokes, Media Relations Manager: +44 (0) 1452 872121
Notes to editors:
AMEC
AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenues of around £2.3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process and Earth and Environmental businesses employ some 23,000 people in more than 30 countries globally.
Another AMEC JV, Offshore Solutions BV, was recently award a contract with Shell Qatar for their revolutionary Offshore Access System.
www.amec.com
Black Cat
Black Cat is a leading multi disciplined EPC Contractor in the State of Qatar for the oil and gas industry. Established in 1981 it currently employs over 1500 people and has an order book of QAR 1.8 billion (£350 million). Project work covers engineering, procurement, construction and commissioning and maintenance of oil, gas and petrochemical plants together with their associated utilities. It is part of the prestigious QIPCO Group of Companies.
www.blackcat.com.qa
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