Tasman Oil Tools Forms Joint Venture With OLIO Resources

Published: Nov 09 2017
Deal Summary

Tasman Oil Tools Pty Ltd, a provider of drilling equipment to the onshore and offshore oil industry and a subsidiary of Northbridge Industrial Services plc, formed a joint venture with OLIO Resources Sdn Bhd, an oil and gas services company, to supply drilling rental tools, wellbore clean up and pressure control solutions to the South East Asian region.

The joint venture company named as OLIO Tasman Oil Tools Sdn Bhd., which will combine the resources, expertise and capacity of both companies.

Eric Hook, CEO of Northbridge Industrial, said, “This is a very important step for Tasman and Northbridge in general. It shows that, even during the downturn, we are expanding our geographical offering, with South East Asia forming a bridge between current Tasman activities in Australasia and the Middle East. OLIO provides an excellent partner for us, with some key contracts in place and we look forward to a long and prosperous relationship with them, sharing key assets and skills to provide first-class service to our customers.”

Dato’ Ramli Md Nor, chairman of OLIO Resources, said, “We are delighted to be working with Tasman in this new venture and see this as a pivotal step to OLIO being able to offer some real value, in our home and surrounding markets, whilst strengthening our ability to provide world class services. We are increasing our local and regional content to service our markets, with high focus on quality, health and safety and driving up the industry standards, to the benefit of our valued clients.”

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