LAM Lamprell Plc

   By Kevin Baxter 
 

LONDON--The Saudi Arabian Oil Company, known as Saudi Aramco, has signed a joint agreement with three potential partners for the development of a maritime yard at Ras al-Khair in the Eastern Province of the Gulf state.

In a statement, Saudi Aramco named the three companies as the National Shipping Company of Saudi Arabia (4030.SA), known as Bahri, the London-listed energy services company Lamprell PLC (LAM.LN), and South Korean ship-builder Hyundai Heavy Industries (009540.SE).

The statement added that the yard will provide "engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore support vessels in the Kingdom of Saudi Arabia."

"In line with the Saudi Vision 2030, this project aims to localize world class manufacturing and services to support the growing national and international portfolio," the statement said.

The signing of the deal will now initiate the financing, construction, operation and ownership of the yard with the final investment decision being taken in "due course." The partners had previously signed a memorandum of understanding.

Write to Kevin Baxter at kevin.baxter@wsj.com

(END) Dow Jones Newswires

June 01, 2016 11:09 ET (15:09 GMT)

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