Milaha signs key deal with major oilfield services firm
Milaha, one of the largest Maritime and Logistics Organizations in the Middle East, has entered into a formal agreement to cooperate with leading American oilfield services firm, Schlumberger Limited.
The Offshore & Marine pillar of Milaha signed a Memorandum of Understanding (MoU) that will support value building projects while jointly driving Tawteen initiatives for Qatar. Led by Qatar Petroleum, the “Tawteen” program aims to localize the energy sector’s supply chain and create new investment opportunities to retain ‘economic value’ in Qatar.
Signed as a five-year joint development project, it will include a Qatar-owned, Qatar-flagged and Qatar-operated Oil Well Stimulation Vessel. The first of these vessels will be designed and outfitted in the country, creating the inaugural FLEXSTIM platform, which will be modified, owned and operated locally.
Pre-engineering for this significant scheme has already begun and will evolve during the final quarter of 2020.
The resulting Qatar-owned value chain will be a joint service that enhances the expertise of a global multinational service firm like Schlumberger as well as the leading Qatar-based multi-disciplined local service company like Milaha.
With over 70 years of presence in Qatar, Schlumberger supplies the petroleum industry with several key services such as seismic acquisition and processing, well testing and directional drilling, artificial lifts, well completions and groundwater extraction.
About Milaha
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management. The legal entity, Qatar Navigation Q.P.S.C., is publicly listed on the Qatar Exchange (QNNS).
