Business News of 2013-12-11

Hydra Offshore signs deal with oil and gas giant

A Ghanaian company, Hydra Offshore has signed a deal with the Wood Group to deliver subsea-engineering projects for Ghana’s oil and gas industry, described as highly competitive.

The pact comes on the heels of the government’s establishment of the Enterprise Development Centre (EDC) in Takoradi less than a year ago to position Ghanaian small-scale enterprises (SMEs) for mergers, partnerships and contracts awards in the country’s new oil and gas sector.

The pact, touted as an indication of the Ghanaians readiness, albeit with a little push, to take over the industry earlier than expected, was signed at Enablis, the centre responsible for the establishment and running of the EDC.

The Wood Group, one of the world’s largest providers of brownfield services to the oil and gas industry, has a global network of over 29,000 people in more than 40 countries offering high integrity services that optimize the performance of facilities, maintain production, reduce operating costs, ensure asset integrity and extend the operating life of fields.

According to the Wood Group, the collaboration would combine the strengths of Hydra Offshore’s subsea engineering capabilities with the Group’s technical experience, capacity, technology and technical assurance.

Speaking after the signing ceremony, the Country Manager, Wood Group Ghana, Mr. Ian McKay, said at all its operations across the globe, it endeavours to create jobs, develop local resources and stimulate the economic base.

“We continually expand the local contents of our activities and operations in line with our core values and this partnership with Hydra Offshore will underpin this work,” he said.

“This partnership reflects our commitment to growing our business in Ghana and it directly supports the aims of Enterprise Development Centre, to assist Ghanaian small and medium enterprises in positioning themselves to take advantage of the opportunities in the oil and gas sector.”

Mr McKay said Hydra Offshore engineers will also be able to tap into the subsea experience, knowledge on job coaching, technology and in house training programs available through the Group’s sister company, Wood Group Kenny.

The Chief Executive Officer for Hydra Offshore said, Delali Otchi, said Hydra Offshore was committed to the national agenda of maximizing local content and strives to achieve a very high degree of Ghanaian content without compromising operation and technical integrity.

He said the pact with Wood Group and other affiliates was designed to encourage the needed knowledge transfer required to promote local participation of Ghanaian companies in the oil and gas sector.

“Hydra offshore limited is wholly Ghanaian owned oilfield services company providing offshore and subsea engineering solutions to the oil and gas industry in Ghana,” he said.

The Director of EDC, Daavi Shika Acolatse, said the EDC would continue to support Hydra Offshore and the collaboration with Wood Group, adding that the pact gives meaning to the Government of Ghana’s commitment to support local businesses.

The EDC, a Government of Ghana's initiative spearheaded by the Ministries of Energy and Petroleum (MoEP) and the Trade and Industry (MoTI) is commissioned to provide support to Ghanaian Small and Medium Enterprises (GhSMEs) to competitively position themselves and take advantage of the numerous business opportunities in the oil and gas sector.