HOUSTON – McDermott International Inc. has signed a joint venture agreement with Zamil Offshore to target the maintenance, modifications, and operations (MMO) market in Saudi Arabia.
The companies will work together on an exclusive basis to provideSaudi Aramco with comprehensive offshore brownfield EPCI solutions and asset maintenance services. The new joint venture will be positioned to offer integrated, cost-effective MMO services, to address the rising market demand in Saudi Arabia.
Zamil is the largest offshore and marine services provider in the Middle East. The partnership with Zamil, McDermott said, will provide it access to a new revenue stream in the maintenance, turnaround, inspection, and asset integrity services market in Saudi Arabia.
The joint venture is said to bolster McDermott’s long-term growth plans in Saudi Arabia and is expected to contribute to the in-Kingdom Total Value Add (IKTVA) program and local content commitments, ultimately supporting Saudi Vision 2030.