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Nobel Oil Purchases Shares in British Company's Azerbaijan Subsidiary

Nobel Oil Services (UK) Ltd acquired 50 percent of Denholm Oilfield Services Limited's fabrication business in Azerbaijan.

Denholm confirmed that it has sold 50 percent of its interests in SDL Denholm Limited and Denholm Oilfield Services (Azerbaijan) Limited to fellow British firm - Nobel Oil Services Limited - for an undisclosed sum.

Michael Wring, Chief Executive of Nobel Oil Services, highlighted the acquisition as a perfect reflection of Nobel Oil Services' growth strategy. "Our purchase of half of Denholm's business in Azerbaijan aims to create superior capability and value in Azerbaijan through joint ventures with renowned first-class service providers in oil and gas and adjacent sectors," he said.

"As a result we will build and develop Azerbaijani companies with international quality, serving major international and local clients in the region. We look forward to creating further value in partnership with Denholm."

Denholm Oilfield Services Limited serves the oil and gas industry in key global locations including the UK, Azerbaijan, Kazakhstan and the United Arab Emirates offering specialist electrical and instrumentation, valve management, freight forwarding and recruitment operations.

"Nobel Oil Services is an excellent partner and both parties are fully committed to growing the business and building on Denholm's reputation as a first class fabricator in Azerbaijan," Denholm Oilfield Services Limited Chairman, John Denholm said, commenting on the sale.

"Nobel has interests in various upstream activities and we see significant cross selling opportunities as a result of this deal."

"Nobel share our core values in terms of ethical and operational practices and we are excited by the opportunities that this deal opens up with the combination of Denholm's fabrication expertise and Nobel's wider service offering and existing relationships in Azerbaijan," Michael Beveridge, Chief Executive of Denholm Oilfield Services Limited said.

Nobel Oil Services is a leading provider of drilling, engineering and project management, maintenance, procurement and enhanced oil recovery services in Azerbaijan and regionally. The company's trading group is active internationally in the sale and trading of crude oil, natural gas and refined products.

Source: AzerNews

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