US player and local firm link up to hang out their shingle in Guyana as oil discoveries boost economy

Ocean Edge Services (OES), a U.S.-based offshore and onshore service provider, has partnered with Guyana’s Atlantic Marine Supplies (AMSI) to form a new joint venture (JV) and corporation in Guyana, called Ocean Edge Services (Guyana) Inc.

Illustration; Source: Ocean Edge Services

Described by the U.S. player as an expansion of a three-year working relationship with AMSI, the new entity formalizes the joint venture between the two companies. Based on current plans, the corporate headquarters will be built within six months in Georgetown, Guyana, to offer services to the country’s booming oil and gas industry.

This comes on the heels of a batch of contracts totaling over $10 million that the U.S. firm recently won to deliver various services in multiple countries, including Guyana. 

Raouf Hadad, OES COO who will serve as Managing Director of the new company, noted: “OES project activity in Guyana has been steadily increasing, and we felt that now was the right time to formalize our partnership with Atlantic Marine Supplies and put down roots as a Guyanese corporation.

“We recognize the challenges accompanying this international expansion, but we are committed to the long-term development of business in Guyana, to supporting our customers operating in the region, and to the Guyanese economy. All of us at OES are excited about the future of this joint venture.”

The initial board of directors for the Guyana-based company encompasses OES COO Raouf Hadad, AMSI Managing Director Vincent Thakur, and Moen McDoom Jr., partner at Guyana’s law firm McDoom & Company.

Multiple discoveries of large oil reserves off the coast of Guyana are said to be responsible for turning the country into the world’s fastest-growing economy, which has had a large impact on the people of the South American country as well. 

As reported, Guyana recorded the highest worldwide real GDP growth rates in 2022 and 2023. According to International Monetary Fund (IMF) data, the trend is expected to continue into 2024, with a projected real GDP growth rate of up to 33.9%. In 2022, Rystad Energy’s research suggested that the Guyana government’s revenue from domestic production would reach $7.5 billion annually in 2030.

Thanks to the proven oil reserves, many oil and gas heavyweights are present in the country. One of these is ExxonMobil, which is working on six projects in the Stabroek block. The energy giant recently received what is described as the world’s first REMOTE-CON notation for the FPSO Liza Unity from the American Bureau of Shipping (ABS), said to demonstrate the vessel’s alignment with remote-control functions.

Related Article