Abu Dhabi: Flowserve Al Mansoori Services, an UAE-US joint venture in Abu Dhabi, has undertaken a major expansion of its facility to meet the growing demands of the robust oil and gas sector in the region, a top company official said yesterday.
The company, a leader in oil field supplies and services in the region, is also enlarging its overseas operations through acquisitions and joint ventures and is projecting a 30-35 per cent growth in turnover.
"We are doubling the size of our repairs and maintenance facility, updating our equipment and services and increasing our staff as demand from the UAE and the GCC for maintenance and repair services in the oil and gas sector has grown," said Adel Ahmad Baobaid, General Manager, Al Mansoori Specialized Engineering.
"There is a greater awareness now among operating companies in the oil and gas sector to undertake repairs and maintain equipment instead of buying new equipment," he told reporters.
Flowserve Al Mansoori Services, part of the 27-year-old Al Mansoori Specialized Engineering, is a 49:51 joint venture with Flowserve. The company operates through joint ventures in Oman, Qatar, Iran and Yemen and it is an independent entity in markets such as India, Libya, Egypt, Thailand and some GCC states.
He said record oil prices have led to enhanced activities in this crucial sector, leading to a surge in demand for oil field supplies and services.
"Locally and internationally there is a lot of demand for our services and we are responding to the vast business opportunities."
The investment outlay for the expansion was not disclosed but it is substantial, he said.
All the major oil and gas operating companies in the region including Adnoc and Saudi Aramco are clients of Flowserve Al Mansoori under long-term contracts.
"Because of the expansion of the oil sector we expect turnover to increase by at least 30 to 35 per cent this year," he said.
