Participating Companies and their Inputs
The key criteria which a company must satisfy to qualify for participation in a BCV are as follows:
- It must be a small to medium sized enterprise with a substantive and credible business offering and it must have a proven track record of successful business operations in the North Sea and/or Gulf of Mexico markets with relevant products/services.
- It must have suitability for expansion to the territory as indicated by the initial market check/verification referred to above.
- There must be an absence of material conflicts of interest with other potential participants.
- It must be a new entrant into the territory or otherwise be free of any prior contractual or other legal commitments which would restrict its ability to join the BCV.
- It must have a willingness and capability to fully support the business development efforts of the local partner and general manager and to perform any contracts awarded.
- It must have a willingness and capability to perform the financial and other commitments under the BCV Joint Venture Agreement and generally to operate in a spirit of teamwork and collaboration.
Roles of the Local Partners, General Managers and HFI
The local partners, Al Yaseah Group, Leaders Oilfield and SAMCO, have been selected to participate in the Abu Dhabi BCV initiative for the following reasons and roles:
- A proven record of connectivity with ADNOC and other key potential clients in the territory.
- A proven record of being able to support international partners with advanced technology and know-how products and services.
- The possession of current trade licences, vendor registrations, in-country value certificates and local employment/visa sponsorship capability.
- The absence of any material conflicts of interest with the interests of the BCV participants.
- A willingness and enthusiasm to work to the best of their abilities towards the success of the BCV.
The performance of the appointed general manager to the BCV will be a key aspect for the success of a BCV:
- The role will be a full-time position on station in-country with 100% focus on promoting the interests of all of the participating companies.
- There will be a responsibility to contribute his efforts equally in so far as practicable and to cross-promote the participants individually and collectively to the marketplace.
- There will be a key role of collaborating and communicating regularly with the local partner and the business development/management team of each participant.
- The role will be for an initial 24 months’ appointment with an option to the BCV to extend for 12 months to complete the transitional arrangements referred to above.
Bridgehead Ventures International
The role of Bridgehead Ventures International in the BCV will be as follows:
- The creation and development of the BCV model concept with any modifications to best effect for the participants.
- The arrangement and deployment of the local partners and the conducting of relevant due diligence.
- The identification of potential participating companies and supporting the initial market check/verification process for each potential participant.
- *The preparation of all the initial BCV Joint Venture Agreement and ancillary legal documentation and providing on-going routine legal support to the participants.
- The supervision of the implementation BCV project including liaising with the local partner, general manager and participating companies through the term of the BCV.
- Acting as the first port of call in seeking a resolution of any differences or disputes.
*Individual participants will be advised to take separate individual legal advice on the terms of the JV Agreement and related documents from their own interest.