The Arab Shipbuilding and Repair Yard (ASRY) has signed a joint venture (JV) agreement with Woodlands Holdings Services (WoodServ) to provide services related to the oil and gas industry in Bahrain, according to the Saudi Gazette.
As per the agreement, the company will provide turnkey production solutions that aim to maximize recovery from marginal assets, as well as accelerate production from unconventional resources. This is an attempt by the Kingdom to enhance competitiveness in the oil and gas sector and is in line with Bahrain’s economic growth and vision for 2030.
The new JV will see the combination of ASRY’s local capabilities and facilities with WoodServ’s leading expertise in bringing US technology and optimization solutions to Bahrain.
WoodServ is aiming to be the provider of innovative energy solutions in Bahrain by means of collaboration with ASRY, which has engineers with extensive experience in design, construction, operation, and maintenance.