A memorandum of understanding between Singapore’s Sembcorp Marine, Saudi Arabian Oil Company (Aramco), and the National Shipping Company of Saudi Arabia (Bahri) to develop a “world-class” maritime yard in Saudi Arabia has expired.
Bahri, one of the largest shipping companies in the world, revealed on Thursday that the memorandum of understanding signed among the parties on August 20, 2013 , on developing an international maritime yard for shipbuilding and offshore manufacturing, expired on October 29, 2015.
According to Bahri, the parties plan to continue their discussion and sign a new memorandum of understanding or extend the expired one.
The intended maritime yard was aimed to provide engineering, manufacturing & repair services related to rigs, platforms, commercial vessels and offshore service vessels.
The shipping company said it would make an announcement when it signs the new agreement or if any material development takes place.