PSN Emirates, an oil-services venture controlled by Mubadala Development Co. of Abu Dhabi, aims to generate more than $300 million in revenue over the next five years, its chief executive officer said.
PSN Emirates will bid for maintenance contracts in Saudi Arabia and Qatar as it plans expansion in the Middle East, home to more than half of the world’s oil reserves, David Clark said in a Nov. 1 interview in Abu Dhabi.
Mubadala, a government-owned investment company, formed PSN Emirates in 2008 in a joint venture with Production Services Network Ltd. of Aberdeen, Scotland, to provide oil services as part of its oil and natural-gas business. In the same year, Mubadala created Petrofac Emirates, a separate venture with Petrofac Ltd., a London-based oilfield services business.
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