Proposed joint venture relating to the Saudi Maritime Yard

Published 31 May 2017 | Read time 15 minutes

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Proposed joint venture relating to the Maritime Yard within the King Salman International Complex for Maritime Industries & Services

Further to the announcements of 26 January 2016 and 1 June 2016, Lamprell (ticker: LAM), a leading provider of diversified fabrication, engineering and contracting services to the global energy industries, is pleased to announce that it has, through a wholly owned subsidiary, entered into a conditional agreement with Saudi Aramco Development Company (a wholly-owned subsidiary of Saudi Arabian Oil Company, the national oil company of the Kingdom of Saudi Arabia) (“Saudi Aramco”), the National Shipping Company of Saudi Arabia (“Bahri”) and Hyundai Heavy Industries Co. Ltd. (“HHI”) pursuant to which the parties thereto have agreed to participate in a joint venture (“JVCo”) with respect to the establishment, development and operation of a maritime yard for the construction, maintenance and repair of offshore drilling rigs and vessels (the “Maritime Yard”) which is to form part of the complex known as “The King Salman International Complex for Maritime Industries & Services” in the eastern province of the Kingdom of Saudi Arabia, (the “Transaction”).