Qatari shipowner Milaha is teaming up with US contracting giant Schlumberger to order new well stimulation vessels.
The companies said they have entered into a formal cooperation agreement to support value-building projects over five years.
The deal involves Milaha's Offshore & Marine division, which will look to develop the country's Tawteen project led by Qatar Petroleum.
This aims to keep the energy sector supply chain within Qatar as much as possible, creating new investment opportunities.
The new vessel design will be Qatari-owned and operated, and it will fly the country's flag.
The companies envision a series of vessels at a time when offshore newbuildings are rarer than hen's teeth during a worldwide slump.
The first of the "Flexstim" ships will be designed and outfitted in Qatar.
Pre-engineering for the "significant scheme" has already begun and will evolve during the final quarter of 2020, Milaha said.
"The resulting Qatar-owned value chain will be a joint service that enhances the expertise of a global multinational service firm like Schlumberger as well as the leading Qatar-based multi-disciplined local service company like Milaha."
Big offshore fleet
Schlumberger has more than 70 years of presence in Qatar, supplying the petroleum industry with several key services such as seismic acquisition and processing, well testing and directional drilling, artificial lifts, well completions and groundwater extraction.
Milaha has a substantial offshore shipping presence already.
The company owns 10 platform supply ships, emergency response units, crew transfer vessels, two diving support vessels, tugs, five maintenance ships and 17 anchor-handling tug supply ships.
The conventional fleet includes boxships, bulkers, LPG and LNG carriers and tankers.
Milaha has been relatively unscathed by the coronavirus pandemic during the first six months of this year.
The Doha-based company posted overall net profit of QAR 300m ($82.4m) for the first half, just 5% below the level seen this time last year.
