Saudi Aramco,  the National Shipping Company of Saudi Arabia (Bahri), Lamprell Energy and Hyundai Heavy Industries have signed a memorandum of understanding (MoU) for joint collaboration on the establishment of a world-class maritime complex in Saudi Arabia.

The companies will conduct due diligence to establish the maritime complex offering engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels, said a statement.

Saudi Aramco and Bahri have amended an expired MoU on developing a maritime complex to include participation by Lamprell Energy Limited, a subsidiary of Lamprell, and Hyundai Heavy Industries Company.

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, it said.

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, the statement said.

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, said the statement.

Such an undertaking shows the continued commitment to the development of the maritime sector and the opportunities it may offer, it said. - TradeArabia News Service