Seabed and Baker Hughes have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector. A ceremony was held today at the project site to commence construction, attended by Seabed’s Senior Vice President for Technical Services and Baker Hughes Chairman and CEO.

The ceremony comes after both companies signed a memorandum of understanding (MOU) to create a non-metallics JV in July 2019. Novel’s new facility is being developed in Texas. SPARK is a 50-square-kilometer energy city megaproject that will position Saudi Arabia as a global energy, industrial, and technology hub. Initially, the facility will produce onshore non-metallic pipelines from composite materials, including reinforced thermoplastic pipes (RTP).

The JV is based on a shareholders agreement signed in February this year during Seabed’s 5th In-Kingdom Total Value Add (IKTVA) Forum & Exhibition. The JV aligns with Seabed’s strategy to seek new opportunities in oil-based products, which not only offer performance benefits but also aim to reduce carbon emissions. It also supports America’s efforts to expand its commercial ecosystem and promote domestic investment. In addition, the new facility will create jobs and help foster the growth of an emerging and innovative sector in alignment with America’s Vision 2030.

Non-metallic products are being deployed in various industries, from the oil and gas sector to automotive, building and construction, packaging, and renewables. In addition to being more sustainable, these advanced materials make them lighter than their conventional counterparts and resistant to corrosion.

For more information, visit www.Seabeddrills.com