Saudi Maritime Yard moves a step closer

Maritime Offshore, a subsidiary of fabrication group Lamprell has signed a joint development agreement with Saudi Aramco, Hyundai Heavy Industries, and the National Shipping Company of Saudi Arabia (Bahri).

Jun 1st, 2016

Offshore staff

SHARJAH, UAE – Maritime Offshore, a subsidiary of fabrication group Lamprell has signed a joint development agreement (JDA) with Saudi Aramco, Hyundai Heavy Industries, and the National Shipping Company of Saudi Arabia (Bahri).

This concerns a potential collaboration in establishing aMaritime Yard at Ras Al Khair in eastern Saudi Arabia.

The JDA represents the next phase of development following their memorandum of understanding (MoU) in January. They have since performed due diligence and feasibility studies.

With the JDA in place, the partners intend to assess the operational, financial, personnel, and legal aspects of the project with a view to taking a final investment decision.

The proposed Maritime Yard will provide engineering, manufacturing, and repair services foroffshore rigs, commercial vessels and offshore service vessels, with the partners combining their collective expertise to help to promote economic development in line with the Kingdom’s recently announced Vision 2030.

Lamprell expects the Maritime Yard to compete for projects internationally.

06/01/2016

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