Mubasher: Saudi Aramco has signed a memorandum of understanding (MoU) with McDermott Arabia Company, a 100%-owned subsidiary of McDermott International, listed on the New York Stock Exchange (NSE), on Tuesday.
This joint agreement was signed to grant McDermott a lease to establish a fabrication facility located within the King Salman International Complex for Maritime Industries in the Saudi city of Ras Al Khair, according to a recent press release.
Aramco, the world's largest oil producer, clarified that this new facility will be used for large scale fabrication of offshore platforms and onshore/offshore modules. This shall further boost project execution capabilities in Saudi Arabia.
According to this MoU, McDermott will also expand its engineering and procurement offices across Saudi Arabia, and establish a new marine base in the Eastern Province to support installation of offshore platforms, subsea pipelines and cables, skids, and associated structures, and assemblies.
“This facility will serve as a major Engineering, Procurement, Construction, and Installation (EPCI) hub for not only the Kingdom, but for the GCC region” Saudi Aramco senior vice president of technical services Ahmad Al Sa'adi commented, according to the press release.
Saudi Aramco vice president of new business development Mohammad Al Assaf said: “The localisation of these capabilities will contribute to diversifying the economy, create almost 7000 jobs, and achieve a target of 60% Saudisation by 2030.”
Located near the Jubail Industrial City, this new facility will cover an area of approximately 1.150 million square metres and will utilise cutting-edge technologies to ensure world-class standards in safety, quality, and efficiency.
