Riyadh – Mubasher: Saudi Aramco signed a partnership agreement with Lamprell plc, the National Shipping Company of Saudi Arabia (Bahri), and Hyundai Heavy Industries Co Ltd.
The deal aims to establish, develop, and operate a world-class maritime yard, which is the anchor project within the King Salman International Complex for Maritime Industries and Services located in Ras Al-Khair, according to a statement.
This strategic partnership targets benefiting from the rapidly growing demand on maritime services and industries in the region by offering globally competitive, safe, high quality, and on-time solutions to customers.
Major production operations are expected to commence in 2019 with the facility reaching its full production capacity by 2022, the company noted.
The new JV localises essential links of Aramco’s supply chain related to offshore drilling and shipping activities, which will lead to optimised cost, reduced response times, and improved agility for Aramco and its affiliates, the statement added.
Aramco highlighted that the new complex shall have the capacity to manufacture four offshore rigs, more than 40 vessels, including three very large crude carriers (VLCCs), and service over 260 maritime products annually.
