Aramco signs MoU with EPC contractors

Agreement to look into developing complex for maintenance, manufacture and repair of vessels

All parties are to conduct due diligence for the deal.
All parties are to conduct due diligence for the deal.

Saudi Aramco has signed a MoU with two EPC contractors to develop a complex for engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels.

Aramco and National Shipping Company of Saudi Arabia (Bahri) has signed the agreement with Lamprell Energy Limited, a subsidiary of Lamprell Plc., and Hyundai Heavy Industries Co. Ltd.

In a statement, Aramco said that all parties would 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,” it said.

“Such an undertaking shows the continued commitment to the development of the maritime sector and the opportunities it may offer.”

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