Saudi Aramco JV moves towards construction on Gulf's biggest shipyard

A joint venture involving Saudi Aramco and UAE-based Lamprell Plc is progressing towards construction on the Gulf region’s biggest maritime yard at the Ras Al-Khair site in eastern Saudi Arabia.

In a trading update on Wednesday, Lamprell said the yard project of International Maritime Industries Company (IMI) – the joint venture that also includes National Shipping Company of Saudi Arabia (Bahri) and South Korea’s Hyundai Heavy Industries Co. – is making progress towards construction phase.

“We will provide a more detailed update at the time of our half-year results,” Lamprell said.

The firm also reaffirmed its strategy for expansion in the Kingdom, noting that the development of its local capabilities and presence in Saudi Arabia remains a key focus for the company.

In June, Lamprell said it is pursuing further opportunities to gain a stronger foothold in Saudi Arabia.

“One objective is to qualify as a contractor to Saudi Aramco on their long-term agreement program,” Lamprell said last month.