Sembcorp Marine Inks MOU with Saudi Aramco, Bahri on Yard Study

Sembcorp Marine announced Tuesday that it has signed a Memorandum of Understanding (MOU) with Saudi Aramco and the National Shipping Company 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 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’s subsidiary Vela International Marine Ltd 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.

Further details will be announced upon completion of the feasibility assessment.

The above is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2013.

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