Saudi Arabian Oil Company (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 the Kingdom of Saudi Arabia.
The MoU, which was signed on January 25, 2016, covers joint participation by Lamprell Energy Limited, a subsidiary of Lamprell Plc., and Hyundai Heavy Industries Co. Ltd. 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 the Kingdom of Saudi Arabia, and ensuring availability of world-class services to support the growing national and international portfolio. Such an undertaking shows the continued commitment to the development of the maritime sector and the opportunities it may offer.
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.