CEEM agrees deal with UMW Oil & Gas to supply Advanced Hydraulic Workover Unit
Dubai (ots)
Canadian Energy Equipment Manufacturing FZE ("CEEM"), a UAE oilfield specialist equipment manufacturer with facilities in Ras Al Khaimah and Dubai, has announced that UMW Oil & Gas Corporation Berhad ("UMW Oil & Gas") has purchased one of its Advanced Hydraulic Workover Units ("AHWU").
The total order value is for USD2.8 million and includes a 460k hydraulic jack, work window, skidding frame, dual racking and stair tower. Tyler Hague (CEO for CEEM) said "We are very pleased to have received this order from UMW Oil & Gas and look forward to continuing our long-standing relationship with them."
Following a deal with private equity firm Black Pearl Capital ("BPC"), CEEM has been expanding aggressively over the last three years. Having completed a move to its 24,000 sq.mt. facility in Al Ghail Industrial Park Free Zone in RAK, CEEM recently exhibited at ADIPEC in Abu Dhabi in November 2013. "CEEM is on track to achieve all its growth targets and this latest deal with prestigious firm UMW Oil & Gas further cements CEEM's place as one of the leading providers of Advanced Hydraulic Workover Units in the Middle East." commented Reza Irani-Kermani (CEO of BPC).
The CEEM 460K AHWU is designed to be rigged up as a stand-alone unit and to be used for the work over of existing wells offshore and land based. The rig is made to handle all work over functions completed by a conventional rig with the additional capability of working with pressure in snubbing and underbalanced situations. All the components are sized to fit in standard shipping containers, providing a cost saving for the operator when moving locations.
"Standard market delivery schedules for AHWU's are usually more than six months, so our ability to build units into stock for immediate availability provides our customers with greater flexibility when bidding for their work" added Tyler Hague. CEEM has developed and designed all components of the AHWU in-house locally in the UAE and is currently expanding its sales operations. CEEM will be having a stand at the Oil & Gas West Asia (OGWA) exhibition and Conference in Muscat, Oman from 31st March to 2nd April 2014.
About CEEM
Based in the UAE, CEEM specializes in the manufacturing of unique and custom-made equipment for the oilfield industry. One area of its expertise is the design and manufacturing of Advanced Hydraulic Workover Rigs ("AHWU"), a vital component of any drilling operation. The Company further provides multiple oilfield related services such as Water Jet Cutting, CNC Plasma Cutting, Steel Fabrication, Machining, Grit Blasting and Painting. For more information, visit www.ceemfze.ae or contact info@ceemfze.ae.
About UMW Oil & Gas
UMW Oil & Gas was established in 2002 as one of the core businesses of the UMW Group. Their head office is in Kuala Lumpur, with operations spanning the Asia-Pacific region. Strategic business alliances and aggressive expansions have facilitated their rapid progression as a recognised player in the regional oil & gas industry. For more information, visit www.umw-oilgas.com or contact info@umw-oilgas.com.
About Black Pearl Capital
Black Pearl Capital is an asset management firm registered in the Cayman Islands, with offices in Europe and the Middle-East where its dedicated team of professionals provide its clients with specialized wealth and investment management services, as well as deal specific transaction advice. For more information, visit www.blackpearlcap.com or contact info@blackpearlcap.com.
Contact:
CEEM
Media Contact: Charles Lee
+971-7-258-9484
UMW Oil & Gas
Media Contact: Maryam Salwaana
+603-2096 8788
Black Pearl Capital
Media Contact: Bjorn Martenson
+41-22-906-9986