Sembcorp Marine has signed a memorandum of understanding (MOU) with Saudi Aramco and the National Shipping Co. of Saudi Arabia (Bahri), one of the largest shipping companies in the world, with the objective of preparing a detailed feasibility assessment aimed at the development of a world-class maritime yard in Saudi Arabia.
The yard will provide engineering, manufacturing, and repair services to rigs, platforms, commercial vessels, and offshore service vessels. Saudi Aramco is committed to leveraging its current and future business needs to actively promote economic development in the kingdom and to ensuring local availability of world-class services to support its growing national and international portfolio. Saudia Aramco subsidiary Vela International Marine Ltd.’s merger with Bahri in November 2012 would enable both partners to contribute to the development of the maritime sector, economic growth, and job creation in the kingdom.