MODEC Inc. (MODEC), a leading provider of competitive floating solutions for the offshore oil and gas industry has formed a joint venture company with JILMEC, called MODEC Production Services Ghana JV Limited (MPSG)
The indigenous Ghanaian company with expertise in exploration, production and oilfield logistics services is to provide world class operations and maintenance services in the oil and gas industry in Ghana.
MPSG, leveraging the strengths and scope of the partners, is strategically positioned to lead and grow the Operations and Maintenance sector by contributing global know-how and providing local content to the oil and gas industry in Ghana.
“The formation of MPSG is another step in our journey to build a strong a sustainable business in Ghana, demonstrate the benefits of synergies with local businesses while transferring world class skills and knowledge to grow the industry and the economy”, said David Gleave, MPSG Board Chairman and General Manager. “This partnership will help us to deliver on our commitments to our client, key stakeholders, our workforce and the community”.
Remarking on the partnership, Joseph Owusu, CEO of JILMEC said: “Our combined experience brings real value to this joint venture and will maximize MPSG’s ability and pioneering role in developing solutions to succeed in this market”.
MODEC also announces the closing of business operations of its subsidiary, MODEC Ghana Limited (MGL), which will remain as the major shareholder of MPSG.
All onshore and offshore business operations of the erstwhile MGL has transferred to MPSG.