A joint venture has been signed between Engineering and Marine Services (EMS) Energy and the Chinese drilling tool manufacturer Tianhe Oil Group. Both the Companies will be trading a wide range of drilling and fishing tools after signing the joint venture.

The new venture is valued at S$500,000. While Engineering and Marine Services (EMS) Energy has a 20% stake in the venture through its subsidiary Oilfield Services & Supplies (OSSPL), the 80% stake in the venture belongs to China based Tianhe Oil Group.

Engineering and Marine Services (EMS) Energy has also established two other projects in China and India. These ventures have been established to provide drilling tool repair services.

It expects these facilities to do brisk business and these are located at strategic locations and will also offer cutting-edge services to the clients. The Company is expecting to provide a high level of services at both the locations.

The Indian subsidiary, Services & Supplies India, has an 8%stake in Veenine High-Tech Engineers and it has invested nearly S$1 million in the Indian venture.

On the other hand, it has a 55% stake in the Chinese project and it has invested nearly S$600,000 in Oilfield Services & Supplies Tianjin.

The Company feels that both these ventures are promising and hold a lot of promise for the Company in the coming days.

It confirmed that its latest venture with the Tianhe Oil Group will not have any bearing on the financial year ending December 31, 2010.