British company Interocean Group is expanding its presence in Azerbaijan and the wider Caspian region through a new joint venture with Baku-based shipping company Green Line Shipping.

The partnership will combine Interocean Group’s international standards, corporate governance systems and technical expertise with Green Line Shipping’s local knowledge and operational capabilities, according to Interocean Group.

The cooperation is structured as a strategic non-equity partnership, meaning neither company will merge with or acquire the other.

The two companies plan to jointly assess projects and develop implementation models across several areas, including marine and offshore energy services, ship management, marine insurance and integrated asset solutions.

The partnership is expected to strengthen cooperation in Azerbaijan’s maritime and energy sectors while creating opportunities for new projects across the Caspian region.

Founded in 2007, Interocean Group provides integrated marine and engineering services, asset integrity management and support for the energy sector. The company operates in 17 countries worldwide.