MANAMA: Bahraini shipyard Asry has signed a joint venture agreement with Woodlands Energy Services (WoodServ) for providing innovative energy solutions to the oil and gas industry.

The agreement was signed yesterday by Asry managing director Mazen Matar and WoodServ chief executive Sam Kawa in the presence of Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa, who is also chairman of Asry.

One of the longest-running marine repair and fabrication facilities in the GCC, Asry became a subsidiary of the Oil and Gas Holding Company (Nogaholding) last year.

Under the agreement, the partners will combine Asry’s local capabilities and facilities with WoodServ’s expertise in bringing US technology and optimisation solutions to Bahrain thereby creating a local centre of excellence.

The JV will develop turnkey solutions to maximise recovery from marginal oil and gas assets and accelerate production from unconventional resources.

Shaikh Mohammed said the agreement enables the use of world-class solutions and services for enhancing the competitiveness of the process of oil and gas extraction in the kingdom.

Headquartered in Bahrain, WoodServ has offices in the US the UAE and Saudi Arabia.

Mr Kawa said WoodServ would benefit from the collaboration with Asry, which has engineers with extensive experience in design, construction, operation and maintenance.

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