Herrenknecht in new TBM Joint Venture

Herrenknecht entered into a Joint Venture last month with Abu Dhabi-based Aabar Investments (Aabar) to engineer, design and build TBMs and related equipment.

The deal will see Aabar own 51 per cent of the UAE based company.

Company operations will include the assembly and manufacture of tunnelling technology and vertical drilling rigs to serve customers in the Middle East and North Africa.

The share capital of the JV is AED 25M (US$6.8M) of which Aabar’s share is AED 12.75M (US$3.5M).