United Arab Emirates-based offshore engineer Lamprell announced Tuesday that it is working with consortium of partners on a potential venture to establish a maritime engineering and repair facility in Saudi Arabia.
Lamprell said it signed a memorandum of understanding (MOU) on Monday with national oil company Saudi Aramco, the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries to build a "Maritime Complex" that will 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 by all participating parties.
Lamprell noted that the outcome of the agreement to become involved in a potential joint venture will be determined upon the finalization of all activities and required due diligence, and that execution of the MOU may or may not lead to its participation in such a venture.
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