Lamprell Saudi Arabia to Formally Start Business
March 16 2018 - 4:37AM
Dow Jones News
By Ian Walker
Lamprell PLC (LAM.LN) said Friday that its joint venture with
Saudi Aramco Oil Company--the national shipping company of Saudi
Arabia--and Hyundai Heavy Industries Co. Ltd. (009540.SE) to build
a maritime yard at the Ras Al-Khair site in eastern Saudi Arabia
can now formally start business, having cleared all relevant
conditions.
The new joint company--International Maritime Industries
Company--has started the construction process at the site with
dredging and associated activities in progress, Lamprell said. The
joint venture was first announced in May 2017.
Lamprell's anticipated total equity contribution over the
construction period is up to $140 million, the oil-and-gas and
renewable-energy services provider said.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
March 16, 2018 04:22 ET (08:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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