New deal inked to set up maritime complex in Saudi Arabia

  • Business & Finance

Lamprell has signed a Memorandum of Understanding (MOU) with Saudi Aramco, the national oil company of the Kingdom of Saudi Arabia, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime complex in Saudi Arabia.

The intended maritime complex will provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels, said Lamprell.

The MOU, which was signed on Monday, covers joint participation and due diligence on all activities and work streams required to make a Final Investment Decision by all participating parties.

According to Lamprell, the outcome of the agreement to engage in the potential joint venture partnership will be determined upon finalization of all activities and required due diligence.

Execution of this MOU, Lamprell said, may or may not lead to the participation of Lamprell in such venture and this process of negotiation may last up to 3 months from the signing of the MOU, after which time the company will be in a position to make a further announcement on its participation.

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