BWI will complete contracted projects and begin an orderly wind down in late 2021
The Bayou Companies and Wasco Energy has announced the planned dissolution of their joint venture, Bayou-Wasco Insulation. BWI will complete contracted projects and begin an orderly wind down in late 2021.
“We plan to utilize our experienced workforce to ensure BWI projects are completed with the same focus on safety, quality and performance that our customers have come to expect,” said Tanmay Desai, CEO of Bayou. “We do not expect this planned dissolution to impact most employees as they will shift to supporting other opportunities across the Bayou campus.”
“The current economic environment has been challenging for everyone. Project delays and cancellations have limited the demand for the products and services of BWI and this decision has been extremely difficult for all of us,” said Dr. Martyn Wilmott, EVP Pipeline Services Division, Wasco Energy Group. “I would like to take the opportunity to thank everyone who has contributed to BWI throughout its short history.”
Mr. Desai continued, “With BWI on track to successfully execute on over one million feet of subsea insulated pipeline, the team certainly has a lot to be proud of.”
The BWI facility houses the latest Glass Syntactic Polypropylene (GSPP) equipment in the world and has successfully executed many Gulf of Mexico offshore projects for major international oil companies and regional independents. A sale process for the equipment assets will commence in 2021 for interested parties.
Source: Company Press Release