Bouygues Offshore Creates KOBOS

Bouygues Offshore and Kazakhoil's Kazakhoilkurylys subsidiary have signed the agreements and the company's by-laws in Almaty between, which each have a 50% interest in a new company dubbed Kazakhoil - Bouygues Offshore, which will be abbreviated as KOBOS. In March 2000, Bouygues Offshore and Kazakhoil began to hold talks about the creation of a joint company and in June 2000 the CEO of Bouygues Offshore, Mr. Le Bouc and the Chairman of Kazakhoil, Mr. Balguimbaev signed a letter of intention for this partnership. The new company has been created to undertake turnkey oil and gas construction and service projects in Kazakhstan. Within its framework, Kazakhoil and Bouygues Offshore will each contribute complementary resources: Kazakhoil is an oil company with strong growth potential, while Bouygues Offshore is an international energy services company which works with all the oil majors. The transmittal to KOBOS of its experience and technological know-how will be key advantages for the development to come in Kazakhstan.