establishment of joint venture company

Ultra Deep Solutions wishes to announce that, Ultra Deep Subsea Ltd (“UDS”) a subsidiary of the Company had entered into a Joint Venture Agreement with IGOPL Offshore Pvt. Ltd (“IGOPL”). IGOPL, a company incorporated in India in the business of providing Subsea Services, encompassing Diving and Grouting.

Under the terms of the Joint Venture Agreement, UDS and IGOPL will incorporate an equally owned joint venture company (“JV company”), in Singapore. The JV Company will offer integrated Services for Subsea scope encompassing Marine spread deployment and Diving Services to optimize the cost and provide unique solutions to Clients.

“We believe that this proposed joint venture is synergistic and beneficial to both parties. Consequently, it will allow us to generate a strong market presence in Asia.” commented, Scott Hutton, VP Offshore Installations.