Socar AQS and KCA Deutag have announced that they have reached an agreement to form a joint venture that will target existing and future opportunities in the offshore and onshore Caspian drilling and engineering market.
The joint venture, which will be jointly owned and managed, will be called Turan Drilling & Engineering.
It will be based in Baku, Azerbaijan and will focus on business development in the provision of oil and gas well drilling and engineering services in the Caspian Offshore and certain other parts of the Central Asia region. It will be committed to investing in the local community through the employment and development of Azerbaijani nationals and services.
The KCA Deutag group currently employs approximately 780 people in Azerbaijan, 79% of whom are Azerbaijani nationals. The group has been operating in the country since 1995 when it was awarded its first drilling contract and has a twenty year history of providing design, construction support, platform services, commissioning and brownfield engineering services through its RDS and Offshore business units.