Valentine Maritime Gulf L.L.C. Company Profile

Background

Established in 1990, Valentine Maritime Gulf L.L.C. (VM) is a privately owned offshore construction company headquartered in Abu Dhabi, United Arab Emirates. The company specializes in Engineering, Procurement, and Construction (EPC) services for the offshore oil and gas industry, focusing on wellhead platforms, topsides, submarine pipelines, maintenance, and hook-up services. Over the years, VM has expanded its operations beyond the Arabian Gulf to regions including the Indian subcontinent, East and West coasts of India, East coast of Africa, Yemen, the Red Sea, the Black Sea, and the Mediterranean. The company's commitment to health, safety, and environmental (HSE) policies has been a cornerstone of its operations, ensuring high standards are maintained across all projects.

Key Strategic Focus

VM's strategic focus encompasses a comprehensive range of offshore construction services, including:

EPC Offshore Construction: Specializing in the design, procurement, and construction of wellhead platforms, topsides, and submarine pipelines.

Fabrication Capabilities: Enhancing fabrication capacity for offshore jackets, topsides, and modules to meet the evolving demands of the oil and gas sector.

Marine Vessel Chartering: Offering chartering services for marine vessels and construction/cargo barges to support offshore operations.

The company has demonstrated its expertise through significant projects, such as the installation of a 2.5-kilometer high-density polyethylene (HDPE) liner for Occidental Petroleum Qatar, marking a milestone in offshore facility installations.

Financials and Funding

In March 2020, Maridive and Oil Services, the parent company of VM, approved a proposal to increase the share capital of VM by $37 million. This move aimed to acquire the remaining minority interest in VM, thereby consolidating full ownership. The capital infusion was intended to strengthen VM's financial position and support its strategic initiatives.

Pipeline Development

VM has been involved in several key projects, including:

Satah Al Razboot (SARB) Field Development: Contracted by Petrofac International for ADMA-OPCO's SARB package, involving the laying of 190 kilometers of submarine pipelines and installation of offshore structures.

Al Zour Refinery Project: Completed the laying of 100 kilometers of pipelines within five months for the Kuwait Integrated Petroleum Industries Company.

Manifa Project: Demonstrated expertise in shallow water operations by laying pipeline and cable systems in depths of less than 10 meters for Saudi Aramco.

Technological Platform and Innovation

VM's technological capabilities are highlighted by its fleet of specialized vessels, including the Derrick Lay Barge (DLB-1600), equipped with a 1,600-metric ton crane and a lay spread for pipelines in water depths up to 300 meters. The company has also implemented advanced techniques such as the installation of HDPE liners to enhance pipeline integrity and reduce costs.

Leadership Team

The leadership team at VM includes:

Najjad Zeenni: President, overseeing strategic direction and operations.

Sameh Ali: Vice President, contributing to the company's growth and project execution.

Mohamad Barake: Vice President of Operations, managing operational aspects of the company's projects.

Leadership Changes

In March 2020, Maridive and Oil Services acquired the remaining minority interest in VM, consolidating full ownership. This strategic move aimed to streamline operations and enhance the company's market position.

Competitor Profile

Market Insights and Dynamics

The offshore construction industry in the Arabian Gulf and surrounding regions is characterized by significant investments in oil and gas infrastructure, driving demand for EPC services. The market is competitive, with several key players offering specialized services.

Competitor Analysis

Key competitors in the region include:

Larsen & Toubro Limited: A major player in engineering and construction, offering a broad range of services in the oil and gas sector.

Tata Projects: Provides comprehensive EPC services with a focus on infrastructure and industrial projects.

Megha Engineering & Infrastructures: Specializes in large-scale infrastructure projects, including those in the oil and gas industry.

These companies compete with VM in areas such as project execution capabilities, technological innovation, and market reach.

Strategic Collaborations and Partnerships

VM has established significant collaborations to strengthen its market position, including:

Petrofac International: Partnered on the SARB field development project, enhancing VM's project portfolio.

Hyundai/Saipem/SK Engineering Consortium: Collaborated on the Al Zour Refinery Project, demonstrating VM's capability to work alongside major industry players.