Zavieh Drilling Company and International Petro Offshore Niam Kish Company (IPON) have signed a merger agreement. The parties signed the merger agreement of these two companies on Monday, 2023/08/28 at the office of Zavieh Financial Group.
Mr. Panaipour, technical vice president and member of the board of directors of Zavieh Drilling Company, said: This contract was made in line with the financial and operational synergy of the parties, in line with the creation of added value for the oil and gas industry of our beloved country, Iran, and the shareholders of the two companies.
Referring to the history of mergers in large oil and gas companies, such as BP and Amoco in 1998, Exxon and Mobil in 1999, Total and Elf in 2000, and Statoil and Norsk Hydro in 2007, he said today in developed countries, Merging has been a common occurrence for various reasons, including market volatility, changing global energy demand, and the desire to optimize operations and reduce costs.
These mergers represent major oil and gas companies’ strategic decisions to remain competitive, optimize their operations, and adapt to changing market conditions.
In the end, referring to the positive effects of this merging agreement in human resources, he pointed out that human resources are an essential part of this important agreement. We are committed to integrating our teams in such a way that their contributions and expertise are valued, and by combining the talents of both companies, there will be many opportunities for the growth and professional development of our workforce.
It is worth mentioning that Zavieh Drilling Company, which was established by Zavieh Oil and Gas Investment Company, plans to use the potential of mergers & acquisitions in the oil and gas industry of the country and the Middle East region to become one of the top 5 companies providing drilling technical services by 2030 in the region of west Asia.