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Mubadala and Production Services Network (PSN) today announced the signing of a joint venture agreement

Mubadala Development Company (Mubadala) and Production Services Network (PSN) today announced the signing of a joint venture agreement to establish a new company in Abu Dhabi called PSN Emirates.

18 February 2008

Mubadala Development Company (Mubadala) and Production Services Network (PSN) today announced the signing of a joint venture agreement to establish a new company in Abu Dhabi called PSN Emirates.

Until now, contractor companies in the region provided independent services to the oil and gas industry rather than using a comprehensive approach. PSN Emirates will effectively combine Mubadala’s talent for generating economic value with PSN’s global oil and gas expertise to create a wide range of integrated services to the region’s oil and gas industry.

PSN Emirates will provide world-class, value-driven operations and maintenance contracting services to the upstream and downstream oil and gas industry. It will also provide a range of services to onshore and offshore brown-field production facilities including engineering, procurement, construction (EPC), Front End Engineering Design (FEED), project management, turnaround engineering management and start-up management.

“The operating model of PSN Emirates is new to Abu Dhabi and the Gulf Cooperative Council region,” said Waleed Al Mokarrab Al Muhairi, COO of Mubadala. “This approach, which has been successful in North America and the North Sea, brings a bold new chapter for the region’s oil and gas industry.”

“PSN has used its considerable global experience, developed in challenging regions like the North Sea, to create innovative tools and techniques that maximise our customer’s return on investment,” explains Bob Keiller, PSN’s Chief Executive Officer. “PSN Emirates will use this experience to improve our customer’s revenue by increasing the reliability of their equipment and by optimising their facility uptime. Our services will reduce our customer’s operating expenditure and enhance the safety performance of both mature and new facilities.”

“We view our partnership with Mubadala as the foundation stone of our strategy to develop a sustainable business in the United Arab Emirates,” Keiller continued. “Both PSN and Mubadala share values of innovation, profitability, integrity and passion. We are thrilled about this new relationship and look forward to our shared future.”

PSN Emirates will be officially launched upon completion of formal establishment requirements.