Toyo, SOG establish engineering joint venture in Brazil

Toyo, SOG establish engineering joint venture in Brazil

10:21 AM, 25th April 2012
Toyo, SOG establish engineering joint venture in Brazil

TOKYO, JAPAN: Toyo Engineering Corporation and SOG - Oleo e Gas SA have planned to establish a joint company to further reinforce operations in Brazil. Both companies aim to establish a holding company “TS Participacoes SA” in June 2012 with a shareholding ratio of 50 per cent each company. The new company affiliates ‘TOYO-SETAL Engenharia Ltda’ engage in engineering, procurement and construction (EPC) of onshore business, and ‘Estaleiros do Brasil Ltda (EBR)’ engage in EPC of offshore business including floating production, storage and offloading (FPSO).

Both companies will be established as fully held subsidiaries. EBR will own and operate a module fabrication and integration yard for the offshore business in the state of Rio Grande do Sul in the southern part of Brazil. Toyo has been collaborating with SOG for many years in oil and gas projects in Brazil.

After making its first entry into Brazil in 1965, Toyo has engaged in a diverse range of large scale projects, and is now carrying out various projects in Brazil including 3 FPSO projects. Toyo opted to establish this joint company in response to the Brazilian Government policy of ‘increasing the ratio of domestic production’ and ‘promoting technology transfer’ as well as in accordance with Toyo’s management strategy of expanding and upgrading the network of localized EPC bases in emerging countries.

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