USD 1.5 billion Conglomerate Foresight Group International Names Dubai as its new Global Operational Headquarters for Groups Diversified Operations
Foresight Group International Ltd (FGIL), a USD 1.5 billion global corporation with diversified interests and operations spread around the world, has called Dubai as the site of its new global operational head office for its diversified operations. The news was made during the company's engagement at this year's version of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), one of the world's largest oil and gas occasions, which ranges from November 13 to November 16, 2017 at the Abu Dhabi National Exhibition Centre (ADNEC). During their existence at the program, FGIL is expected to highlight the performance of its freshly introduced department, Insight Offshore Exploration (FOD), which is an outcome of the company's combination and restructuring initiatives and recent acquisition of the HSL company - a step that will certainly allow them to enter and concentrate on the Middle East and India oil and gas industry.
According to the company's senior execs, FOD was established as part of the move to unite companies that have more than 27 years of experience in the oil and gas industry - offering the signature high level of effective efficiency that FGIL is widely understood for. To date, the restructuring and rebranding initiatives have actually additionally been accompanied with the purchase of 3 new oil well worth over USD 600 million. With Dubai as its brand-new main office, as business plan progresses FOD will certainly be developing possibility for 500 new employment by 2020. FGIL has likewise revealed that FOD's first year of operations has actually yielded an annualized uptime of 99 percent in regards to structure, appointing and operation of the three new rigs, which shows the company's continuing dedication in the direction of being one of the most efficient drilling company in the UAE.
FOD's entry right into the Middle East and India oil and gas industry is backed by its fleet of modern cyber gears and a gifted group with over 20 years of experience in the Gulf and Indian offshore piercing sectors. The new FOD department is positioned to play a significant role in the company's diversification strategy, which reflects the company's ongoing commitment towards maintaining strong ties with its partner construction business and other clients operating within the oil and gas industry.
" We are proud to highlight our new division, Foresight Offshore Drilling, which becomes part of our current efforts to sustain the oil and gas market of India and the Middle East region," said Dr. Ravi Kumar Mehrotra CBE, Founder and Executive Chairman, Insight Group International. "The production of this new company is made even more amazing with the announcements of the 3 new oil rigs that we have actually acquired and the positioning of Dubai as the site of our new global operational head office. We stay unfaltering in our commitment to developing Foresight Offshore Exploration as a leading offshore drilling company in the UAE while also playing a key part in the move to drive further development and development to the UAE and the rest of the GCC region."
Meanwhile, John Wishart, Chief Operating Officer, Insight Group International, shared, "We are pleased with the overwhelming reaction that we have gotten for our novice participation at ADIPEC. Being right here will certainly allow us to not only rise the understanding of Foresight Group International Ltd. but additionally of Insight Offshore Exploration as well. As we consolidate our presence across the Middle East and India markets, we are keen to share the experience obtained by our dedicated teams of structure and operating brand-new gears that has actually helped us to securely supply general gear uptimes of 99.7 per cent throughout the first year of operation on 2 of our brand-new properties. In addition, the strong partnerships we have actually created with construction firms and clients highlight our willingness to collaborate effectively and to be a good partner"
A recent record from Mordor Intelligence has actually mentioned that boosted exploration task in the center East region has actually resulted in the increase in the jack-up gear count. As the region remains to establish its sights on carrying out projects for new fields and the redevelopment of existing fields, the Middle East's offshore oil and gas industry will continuously be an essential and significant component of the world energy mix. Industry professionals likewise point to the considerable development being seen by the industry, with raised localization, modern technology enhancement and efficiency.
"Our consolidated presence in the region will play a tactical factor in our move to continually offer the same high degrees of effective efficiency that we are delivering in other places arising from our industry leading approaches to building, commissioning and operating rigs- which have currently yielded annualized uptimes of over 99 per cent. The exciting new advancements that we have shared at ADIPEC 2017 for Foresight Group International becomes part of a larger method focused on constructing a sustainable future for our organisation with the aim of allowing our organisation to commemorate our centennial in 2084. We believe that reputation is all that issues. We are not aiming to come to be the biggest overseas boring company in the region but rather to be the company that uses the highest levels of customer satisfaction, especially in today's challenging market conditions. We venture to function carefully with our clients to supply remedies that are greater than satisfactory," concluded Mehrotra.
