Saudi Aramco, Dubai based rig builder and engineering firm Lamprell, the national shipping company of Saudi Arabia (Bahri) and Hyundai Heavy Industries have signed a memorandum of understanding over establishing a Maritime Complex in Saudi Arabia.
The Maritime Complex would provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels. The MOU covers joint participation and due diligence on all activities and work streams required to make a final investment decision on the project by all the participating parties.
Execution of the MOU may or may not lead to the participation of Lamprell in such a venture and the negotiation process may last up to three months from the signing of the MOU, after which time the company will be in a position to make a further announcement on its participation, said Lamprell.