Saudi Aramco JV with Lamprell, Bahri and Hyundai heavy industries

Saudi Aramco JV with Lamprell, Bahri and Hyundai heavy industries


Saudi Aramco has signed a shareholder agreement with Lamprell plc, the National Shipping Company of Saudi Arabia, and Hyundai Heavy Industries Co. Ltd to enter a joint venture with respect to the establishment, development and operation of a world-class maritime yard.

This partnership among industry leading companies is positioned to capitalise on the rapidly-growing maritime requirements in the region by offering globally competitive, safe, high quality and on-time solutions to customers. The new JV localises essential links of Saudi Aramco’s supply chain related to offshore drilling and shipping activities, which will lead to optimised cost, reduced response times and improved agility for Saudi Aramco and its affiliates.

S - Saudi Aramco signs landmark

The integrated maritime yard will be the largest in the region in terms of production capacity and scale, providing an unprecedented mix of products and services in the region and enabling Saudi Aramco and its supply chain partners to meet their manufacturing, maintenance, repair and overhaul requirements for offshore oil and gas rigs, offshore support vessels, and commercial vessels, including Very Large Crude Carriers (VLCC).

The new facility shall have the capacity to manufacture four offshore rigs, over 40 vessels including three VLCCs, and service more than  260 maritime products annually. Major production operations are expected to commence in 2019 with the facility reaching its full production capacity by 2022.

For more information visit www.saudiaramco.com

5th June 2017