Saudi Aramco launches maritime joint venture

Saudi Aramco has entered into a joint venture to establish, develop and operate a world-class maritime yard.

The oil giant signed an agreement to work with Lamprell plc, the National Shipping Company of Saudi Arabia (Bahri), and Hyundai Heavy Industries Co Ltd – with an aim to provide one of the world’s largest maritime integrated service complexes. The project is due to be completed by 2022.

When ready, the new facility is expected to manufacture four offshore drilling platforms, build more than 40 vessels including three giant oil tankers, and annually service more than 260 marine products.

Another benefit of the JV is that it will localise important workshops in Saudi Aramco’s supply chain associated with offshore drilling shipping, reducing cost and response time, and increasing flexibility for the company and its partners.

Abduallah Al Saadan, Aramco’s vice president for finance, strategy and development, and chairman of the International Marine Industries Company, said: “The global marine industry will serve Saudi Aramco’s strategic goal of becoming the global leader in energy and chemicals by meeting the company’s needs in production and shipping.

“The company offers a combination of technology, supply chain efficiency and sustainable partnership, enabling it to become a world-class company offering competitive services to customers.”