Lamprell and Partners Consider Building Saudi Maritime Engineering Facility
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Hyundai Heavy Plunges by Record on $1.2 Billion Sale Plan (Dec 27)
- World's Top Two Shipyards Signal More Orders as Earnings Improve (Apr 27)
- Billionaire Fredriksen Buys Rig, Ends Hyundai Dispute (Mar 13)
Company: Saudi Aramco more info
Operates 44 Offshore Rigs
- CB&I, Chevron Lummus Global, Saudi Aramco Launch 'Crude-to-Chemical' JV (Jan 18)
- Tellurian Set to Boost Louisiana Gas Holdings Tenfold (Jan 16)
- Saudis Seen Counting on 80% Surge in Oil Income to Balance Books (Dec 27)
Company: Lamprell more info
- Rig Builder Lamprell Sees Lower Revenue, To Tighten Purse Strings (Jan 23)
- Lamprell Secures Services Contract with Jacktel AS (Sep 26)
- Lamprell Expects Challenging Environment to Continue Through 2017 (Sep 22)