Lamprell Energy Limited has signed an MOU with the national oil company of the Kingdom of Saudi Arabia Saudi Aramco, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries to form a partnership collaboration on establishing a maritime complex in Saudi Arabia.
The intended maritime complex is aimed at providing engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels.
The MOU, which was signed on Monday, covers joint participation and due diligence on all activities and work streams required to make a final investment decision by all participating parties.
“Lamprell is pleased to be part of this undertaking and help assess possible ways through which potential partners can leverage their knowhow and current and future business needs, to actively pursue such an investment and promote economic development in the Kingdom of Saudi Arabia, and ensure availability of world class services to support the growing national and international portfolio,” the company said.
The parties will now engage in a process of negotiation which may last up to 3 months. Once the negotiation round is closed, Lamprell said it would be able to disclose further details on the matter.