Speedy Hire has entered into a 50/50 joint venture with J. & J. Denholm Group to provide asset management and equipment rental services to the extensive oil and gas sector in Kazakhstan, including the “super giant” fields at Tengiz, Karachaganak and Kashagan, three of the largest oil fields in the world.
Denholm, through its specialist oilfield services business has a market-leading position in the provision of maintenance and turnaround services in Kazakhstan, established through 20 years of operating in the region, Speedy said, operating through Denholm-Zholdas LLP since 1999.
The joint venture will operate under the brand Speedy Zholdas in Kazakhstan. Both Speedy and Denholm have identified the opportunity to leverage DZ’s existing infrastructure by providing a full range of asset management and equipment rental services in support of existing clients of DZ, including Chevron and Exxon. Speedy Zholdas.
As part of the transaction, Speedy has acquired a 50-percent interest in DZ’s existing equipment rental operation for a cash consideration of $4.4 million.
“Denholm has an enviable reputation, built up over 20 years, for providing outstanding levels of service to major international oilfield clients in Kazakhstan,” said Speedy CEO Steve Corcoran. “Having recently supported Denholm Zholdas on planned turnaround projects in the region from our existing business, this joint venture is a natural next step for both parties. Together with the Zadco project at Abu Dhabi’s Zakum field, this joint venture means that Speedy now has a long-term presence at four of the largest oil fields in the world.”