Jardine Plans To Restructure Oilfield Servicing—New Name Jardine Offshore Promet
Plans are at an advanced stage for Promet and Jardine Offshore to be merged. The two groups, both of which are major components of Jardine Matheson (South East Asia), form the backbone of Jardine's involvement in the oilfield service industry. In effect, two mergers are planned — on the one hand between the Singapore operations of each group, and on the other between their international operations. Both of the resulting entities wil be owned by a new holding company.
The combined group is to be named "Jardine Offshore Promet." A preliminary indication of plans to rationalize its investments in the oil servicing and engineering fields was given in May by Jardine Matheson (South East Asia) at the time of releasing its 1977 results.
The proposed merger was announced by William Courtauld, a Jardine Matheson group general manager who is responsible for Jardine's oilfield and related activities.
The Singapore operations of the Jardine Offshore Promet Group will be organized into three divisions, in addition to a central finance and administrative function.
The Offshore Division will act as the service agent for all marine contracting activities of the Group worldwide. These include offshore oilfield construction, maintenance and support services, and also ocean towing and civil marine activities such as port construction and dredging. The formation of Jardine Offshore Promet will bring together a diverse fleet of over 30 units of marine equipment ranging from crane barges to harbor tugs.
The Promet Division will consist of all the Group's onshore manufacturing activities.
These include shipbuilding and steel fabrication, construction of modular housing units, and the casting and machining of a wide range of steel products. The Promet Division's 50-acre waterfront yard in Jurong, Singapore, which has a production capacity of 30,000 tons of steel per annum, is equipped with one of Southeast Asia's most sophisticated undercover fabrication facilities.
The Agencies Division will handle the marketing of a number of marine-orientated products such as Carboline paints and Skagit winches. It will also include the anticorrosion businesses now owned by Promet.
The senior management team of Jardine Offshore Promet's Singapore operations is made up as follows. During its initial stages, the chairman will be William Courtauld. He is being transferred to Jardine's head office in Hong Kong toward the end of the year, and will be succeeded by Brian Dickinson.
Mr. Dickinson is on the main board of Jardine Matheson & Co. Ltd., and recently took up his appointment as Jardine's regional director for Southeast Asia, based in Singapore.
The managing director and chief operating officer will be Brian Chang. Mr. Chang was founder and chairman of Promet, and has been the principal architect of its development.
He was also founder of Jardine Offshore.
The director of finance and administration will be Peter J. Collins. Mr. Collins was previously finance director of Jardine Matheson Holdings (South East Asia). The head of the Offshore Division will be Michael D. Fort. He previously served as general manager and then managing director of* Jardine Offshore Pte. Ltd. The head of the Promet Division will be Dr. Benety Chang.
He was previously general manager of Promet. The head of the Agencies Division will be Leon Moore. He has been extensively involved in the development of Jardine's oilrelated activities in a number of senior positions.
Jardine Offshore Promet's Singapore administrative headquarters are to be at the company's Jurong fabrication yard. The existing offices there are being expanded to accommodate personnel moving from the previous Jardine Offshore offices near Orchard Road.
Other stories from September 15, 1978 issue
Content
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- Bell Aerospace Delivers 160-Ton Air Cushion Landing Craft To Navy page: 6
- Avondale To Construct Two Multi-Product Ships For Ogden Marine page: 6
- Orion Gautreaux Named Zapata Vice President page: 6
- Eagle Dredging Awards $25-Million Contract To Avondale Shipyards, Inc. page: 8
- Newfoundland Headed For Major Economic Advances In 1980s page: 9
- ALRC Gets $13-Million Award To Supply Pumps For Boeing-Built Ships page: 10
- W.E. Christiansen Jr. Joins St. Louis Ship page: 10
- PSI Completes Total Package Concept With Todd 'Apache' Contract page: 12
- MarAd Study Examines Shipping Policy Options page: 14
- Three-Day Maritime Safety Meeting Set For Chicago October 2-4 page: 15
- J. Ray McDermott & Co., Inc. Delivers 126-Foot Tug To Louisiana Tugs Company page: 16
- First Crab Boat Built By Halter Marine, The 150-Foot Alaskan Enterprise, To Operate In Bering Sea For Francis Miller page: 16
- Boeing Awards Six Hydrofoil Contracts Totaling $4,360,000 page: 18
- Hongkong United Dockyards Ltd. (HUD) Forms New Subsidiary page: 18
- NKK Signs Agreement With Baker Marine Corp. page: 20
- Women Invade Engineers' Seagoing Dredge Fleet page: 20
- Technical Report On Mooring For LNG Ships Released By MarAd page: 22
- Port Electric Named Marine Distributor By Jeamar Winches Ltd. page: 22
- Perry Oceanographies Designs And Builds New Undersea Work System page: 23
- Samson And SMATCO Join To Expand Traction Winch Market page: 24
- Captain Tom Smith Forms CTS And Associates page: 24
- Charles Lehman Elected ACBL Vice President page: 24
- Swann Oil Relocates New York Office page: 24
- IMODCO Receives Third Contract From PEMEX In Two-Month Period page: 24
- James H. Sanborn Joins Interstate And Ocean Transport Company page: 26
- L. James Gardner Joins Bath Iron page: 29
- Castle & Cooke, Inc. Plans Purchase Of Seven Ships page: 29
- Nominations Are Open For Shepheard Award For Maritime Safety page: 30
- Human Element In Ship Operation Is Subject Of Maine Maritime Seminar page: 30
- Halter Marine Adds Tenth Shipyard page: 30
- Raymond Subsidiary Awarded $10-Million Contract In Venezuela page: 36
- Port Everglades Foreign Trade Zone Expansion Approved page: 36
- Canadian Shipbuilding Production Summary For First Six Months page: 36
- Marine Concrete Structures Delivers First 2 Platforms From New Dock Facility page: 38
- The 1,000-Foot M/V George A. Stinson Joins National Steel's Fleet Of Ore-Carrying Vessels page: 40
- Australian Designs Fast 1,600-Ton Containership With Crew Of Only Five page: 40
- SNAME Gulf Central Section Told How A Load Line Assignment Is Obtained page: 43
- Repairing Vessels Since 1834, Camden Ship Repair Company Starts $4-Million Expansion page: 44
- API President Suggests That Oil Firms Should Participate In Solving U.S. Energy Dilemma page: 44
- World And U.S. Bulk Shipping page: 46
- The Effect Of The 1978 IMCO Tanker Safety And Pollution Prevention Conference On Ship Design And Operation page: 49
- James Sweat Joins Matzer Associates page: 49
- Offshore Logistics, Inc. Announces Earnings For The Year Ended June 30 page: 49
- Maritime Transportation Research Board Names Five New Members page: 50
- Francis A. Martin And Ottaway, Inc. Name Norman Jensen Partner page: 50
- Francis W. Bauer Joins ORBA Corporation page: 51
- Jardine Plans To Restructure Oilfield Servicing—New Name Jardine Offshore Promet page: 52