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Description

SinoTharwa is a high level cooperative project that took place between China and Egypt forming SinoTharwa Drilling Company as a petroleum services company. The company was established in September 2005 as a joint venture between Tharwa Petroleum Company and Chinese Sinopec Star Petroleum Company, a limited liability company that started with US$ 18 million capital divided equally. In 2007, the company capital was raised to US$ 40 million and the Egyptian Natural Gas Holding Company (EGAS) Contributed into the joint venture. By the end of 2008, the company capital reached US$ 80 million distributed among Tharwa 30.6%, EGAS 19.4% and Sinopec Star 50%. SinoTharwa is essentially a service company, providing support to oil & gas exploration companies, providing a range of different capacities of drilling and work over oil & gas rigs. In a short period from its establishment, SinoTharwa practiced a continuous grow and delivered strong service be one of the leading drilling companies in Egypt, recognized as the second drilling contractor in the Egyptian drilling market with market share 20%. SinoTharwa rig fleet consists of 18 rigs distributed as 13 land drilling rigs and 4 work-over rigs, and the first offshore Jack-Up rig ST-Bahari-I which is described as a high specification rig and highest capacity among the other jack-up rigs in the local market, with capability to work in water depth up to 400 ft. Sino Tharwa is backed with its shareholders and supported by the effort of its qualified resources.