Saudi Aramco, partners launch marine industries firm

Saudi Aramco, in partnership with the National Shipping Company of Saudi Arabia (Bahri), Lamprell PLC, and Hyundai Heavy Industries, has launched a marine industries joint venture, the official Saudi Press Agency (SPA) reported on Friday.

The new firm will provide one of the world’s largest maritime integrated service complexes in terms of size and production.

Designed with a capacity of four offshore drilling rigs, 40 ships including three giant oil tankers, and more than 260 shipping products annually, the project is set to be operational by 2022.

The new joint venture will localize important production and maintenance workshops in Saudi Aramco's supply chain associated with offshore drilling and shipping.

It will also help reduce costs and time, in addition to increasing flexibility for Aramco and its partners.

“The new company has already received orders to build 20 drilling rigs and 52 vessels,” Abdallah I. Al-Saadan, Aramco’s senior vice president for finance, strategy and development, was quoted as saying.