Saudi Shipbuilding Yard Development MOU Signed

Sembcorp Marine has signed a Memorandum of Understanding (MOU) with Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri), with the objective of preparing a detailed feasibility assessment for the development of a world-class maritime yard in the Kingdom of Saudi Arabia.

The intended maritime yard will provide engineering, manufacturing & repair services related 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'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.

Sembcorp say they will announce further details once the feasibility study has been completed.