- TEK-Ocean (T3K) strikes a partnership with Scotland-based HCS Control Systems to supply custom-made engineering and logistical services in Australia and Asia
- The evergreen partnership — a deal that renews once it reaches its expiry date — is designed to capture market share in the rehabilitation and decommissioning market
- The first project to be completed under the partnership is already in hand for completion in March 2022 in northern Western Australia
- HCS already has operations in North America, South America, and Africa, and will now establish a presence in WA under the deal with TEK-Ocean
- TEK-Ocean shares close grey at 30 cents each this afternoon
TEK-Ocean (T3K) has struck a partnership with Scotland-based HCS Control Systems to supply custom-made engineering and logistical services in Australia and Asia.
TEK-Ocean on Friday told investors the evergreen partnership — a deal that automatically renews once it reaches its expiry date — was designed to capture market share in the burgeoning rehabilitation and decommissioning market.
The company said it brought to the table its local engineering expertise, advanced technical service capabilities, and experience in logistical and maritime operations in Australia to be used in conjunction with HCS’ components and equipment expertise.
The first project to be completed under the partnership is already in hand for completion in March 2022 in northern Western Australia.
T3K said HCS had a long history as a successful original equipment manufacturer (OEM) in the global energy industry. HCS has operations in North America, South America, and Africa, and will now establish a presence in WA under the deal with TEK-Ocean.
T3K Managing Director and CEO Alex Biro said the new partnership demonstrated the company’s ability to effectively collaborate with “world-class specialist technology providers”.
“This is a significant strategic partnership teaming up with a globally recognised original equipment manufacturer (OEM) to provide customers with high-quality equipment with OEM support, coupled with a local presence for fast, reliable, expert design, build, installation, operation, testing, maintenance, rental and repair of any Intervention Workover Control Systems (IWOCS) and energy production control systems,” Mr Biro said.
“We see this as an expanding equipment, service and maintenance capability at a local level that offers comprehensive support to Australia- and Asia-based energy operators for their immediate and future needs.”
Under the deal, HCS’ equipment will be brought in-country to Australia and assembled, stored, maintained, and repaired at T3K’s Canning Vale facility in WA.
The companies will offer an active equipment rental service to provide clients with OEM equipment and associate remote support and personnel.
HCS Group Managing Director Kenny Balfour said the company was “excited” to have established the partnership with TEK-Ocean.
“The partnership will deliver simplification of the supply chain, greater capacity and depth of service to clients in the region during a time where Australia is experiencing a heightened level of activity,” Mr Balfour said.
“We are confident the partnership with its extended service offering will result in growth for both companies and improved outcomes for clients.”
TEK-Ocean shares closed grey at 30 cents each this afternoon. The company has an $11.65 million market cap.