Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri) have amended the expired memorandum of understanding (MOU) on developing a maritime complex that would provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels in Saudi Arabia. The proposal is a major step in the development of Saudi Arabia’s maritime sector and part of a wider undertaking aimed at developing an energy goods and services sector, while contributing to the kingdom’s economic growth and job creation.
The MOU, which was signed on 25 January, covers joint participation by Lamprell Energy and Hyundai Heavy Industries in the collaboration with Saudi Aramco and Bahri to conduct due diligence on all activities and work streams required to make a final investment decision by participating parties.
Through the development of the maritime complex, Saudi Aramco and the participating parties look forward to leveraging their know-how, current and future business needs to actively pursue such an investment and promote economic development and job creation in Saudi Arabia, and ensuring availability of world-class services to support the growing national and international portfolio.
Over the next few months, the participating parties will conduct the necessary due diligence and other activities to determine the outcome of their engagement, after which all participating parties will be in a position to make further announcements.