Asgaard Bourbon, a newly created joint venture in Brazil, has just signed two major contracts with Petrobras. By placing the emphasis on quality and operational excellence, the new entity is confident of continuing to satisfy the state-owned company and being able to attract new customers.
A new player is now operating in offshore marine services in Brazil. Although not ranking among the sector’s biggest hitters, the newly formed entity is well regarded by Petrobras, the country’s state-owned oil major. BOURBON’s Brazilian affiliate will merge its operations with Asgaard, a small local player with the distinction of being ranked the strongest performer in Petrobras’ annual quality audit in four successive years, creating a 50/50 joint venture, Asgaard Bourbon Navegação.
Originally present in the country since 2004 through a 50% stake in a local company that later became a 100% shareholding, BOURBON began a reorganization of its activities in Brazil in 2018, selling some of its vessels and replacing expatriate staff with local nationals. After its fleet reduced to three anchor-handlers, it was struggling to survive. The creation of a joint venture with a competitor, Asgaard, enabled the Group to strengthen its presence in this area and to win two new contracts.
The choice of Asgaard as a partner has largely influenced the entity’s strategy, based on quality. “Petrobras, which recognizes Asgaard as one of the very top-performing suppliers in terms of quality, is extremely demanding when it comes to enforcing the terms of the contract,” says Eduard Claassen, Managing Director. “We are confident that our new teams will be able to meet all the requirements of the contract and deliver the required operational excellence.”
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