Newfoundland-Sweden New Joint Venture Company

In order to meet the long-term needs of the petroleum industry more effectively and provide a broader service base, SeaForest Holdings Limited of Newfoundland, through its subsidiary, NORDCO Limited of St. John's, and Gotaverken Arendal Canada Ltd., a subsidiary of Gotaverken Arendal AB of Sweden (GVA), have announced the formation of a joint venture company aimed at a mutual exchange of offshore-related expertise and technology.

The new company, to be known as FloatEng Ltd., has been formed to assist in the development, production and marketing of floating platforms and modular systems. With its proven technical ability and high professional standards, FloatEng will be able to provide wide-ranging developmental and construction assistance to all phases offshore Newfoundland.

According to Frank Smith, chairman of SeaForest and president of NORDCO, and B-G Renborg, president of GVA Canada Ltd., the increased resources and enhanced potential for diversification provided by the new association will offer better opportunities in an increasingly competitive market.

The members of FloatEng bring Considerable expertise in offshore projects to the venture—SeaForest through NORDCO's record in marine engineering and technology, ice management, electronic instrumentation design and maintenance, remote sensing, and other support services to the offshore; and GVA with its high-tech experience in drilling, production and service platforms acquired through feasibility studies, conversions, and in turn-key based delivery of over 20 Offshore Units designed, engineered and built within GVA's own facilities.

Both GVA and NORDCO have been active in the initial Hibernia studies, and plan to continue major involvement in future offshore Newfoundland developments.

For full information on the new joint venture, Circle 56 on Reader Service Card

Maritime Reporter Magazine, page 40, Aug 1986

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.