Pipe coating specialists Bayou and Wasco said they will be splitting up their joint venture, Bayou-Wasco Insulation (BWI).
BWI will complete contracted projects and begin an orderly wind down in late 2021.
“We plan to utilise 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.”
Dr. Martyn Wilmott , EVP Pipeline Services Division, Wasco , also said:
“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.”
Desai also noted that with BWI on track to execute on over one million feet of subsea insulated pipeline, the team has a lot to be proud of.
The BWI facility houses the Glass Syntactic Polypropylene (GSPP) equipment and has executed many Gulf of Mexico offshore projects for international oil companies as well as regional independents.
As a result of dissolution, a sale process for the equipment assets will commence in 2021 for interested parties.