2014

Stork Technical Services and Al-Rashed Group for Projects Sign Agreement to Expand their Services in Kuwait

UTRECHT, The Netherlands, February 6, 2013 /PRNewswire/ --

Stork Technical Services, a global provider of knowledge based asset integrity services and Al-Rashed Group for Projects Holding Co. KSCC, a major participant in Oil & Gas, Utilities, Infrastructure and Power Transmission & Distribution projects, are pleased to announce that, on 5 February 2013, an agreement was signed to formalise their relationship with Stork Technical Services taking a 49% shareholding in Al-Rashed Cooperheat Trading & Contracting Co WLL. Post signing, the Company will be converted to a KSCC Company and renamed Stork Technical Services Kuwait. The company will offer specialised technical services with world class and high quality services to the oil & gas, petrochemical and power sector.

Mr. Abdulaziz Al Rashed, Chairman & MD of Al-Rashed Group for Projects Holding stated: "Stork Technical Services enjoys a worldwide reputation as a leading provider of highly specialist services in a number of major industrial sectors. Al-Rashed Group for Projects Holding is delighted and honored that Stork Technical Services has made this significant commitment to participate in the future development of the State of Kuwait.

Doug Meikle CEO of Stork Technical Services declared that his company's expansion in the Middle East is one of the key strategies the company has been planning for the last few years; "That is why we are very pleased to affirm our cooperation with such an outstanding company as Al Rashed.  We are honoured to work with Al Rashed and look forward to continuing our long relationship.'

About Stork Technical Services

Stork Technical Services is a global provider of knowledge-based Asset Integrity Management services for the Oil & Gas, Power and Chemical sectors. From concept through to execution - Stork Technical Services aims to help reduce risk, assure safety and improve environmental performance for our customers. With 14,300 employees across the UK & Africa, Continental Europe, the Middle East, Asia Pacific and the Americas, we provide innovative solutions and integrate thinking and doing in the areas of asset integrity, consultancy, maintenance concepts, repair, renovation, new construction, relocations, subsea services and other related complex projects.

About Al-Rashed

Al-Rashed Group for Projects Holding Company is a Kuwaiti Shareholding Company (Closed) and was established under the commercial law of the State of Kuwait to consolidate the individual family owned companies. It is privately owned by members of the Al Rashed family, one of the Kuwait's foremost business families tracing its business activities back to 1911. As well as a number of wholly owned subsidiaries, joint venture companies and strategic direct investments. Al-Rashed Group for Projects Holding has collaborated with many world class companies in Kuwait over four decades, and is a major participant in: Oil & Gas Projects, Utilities Projects, Power Transmission & Distribution, Equipment Supply and Building Materials.

SOURCE Stork Technical Services




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