29 October 2015, News Wires – US contractor McDermott has been given the thumbs-up for its joint venture in Ghana with local partner Hydra Offshore to pursue projects.
McDermott Marine Construction Ghana Limited (MMCGL), which was formed with Accra-based engineering firm Hydra in late April, won regulatory approval to pursue offshore opportunities, the US player said on Thursday.
MMCGL will now hunt for engineering, procurement, construction and installation (EPCI) contracts offshore Ghana.
Robert Gillespie, McDermott’s commercial director for Europe & Africa, said: “This critical approval opens the way for McDermott’s participation for growth in Ghana with partner Hydra.
“From its inception, the goal for the MMCGL joint venture is to support local growth and experience transfer in Ghana to ensure delivery of effective offshore solutions.”
Delali Otchi, chief executive of of Hydra Group, said the important regulatory approval “is just the beginning for the MMCGL joint venture to bring local and international expertise in support of the development and growth of Ghana’s offshore oil and gas industry”.
When the pair launched the joint venture in April, they said it aimed to optimise both local and international expertise to support the development of Ghana’s offshore oil and gas industry.
No financial terms were disclosed at the time, other than to say that Hydra is a minority partner in the tie-up. McDermott said its investment is “in line with its commitment to pursue future offshore opportunities in the African market”.
MMCGL will operate out of the Ghanaian capital of Accra, with support coming from offices in London and Houston.