Hyundai Heavy, Lamprell sign MoU on Bahri’s shipyard project

The National Shipping Company of Saudi Arabia (Bahri) said Hyundai Heavy Industries Co. and UAE’s Lamprell Energy Limited have joined discussions over the potential development of a shipyard in Saudi Arabia, replacing Sembcorp Marine.

In a statement to Tadawul, Bahri said it signed a new memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and the other two companies on Jan. 25, 2016, which will be valid until an investment decision is made or will be terminated within one year.

In October, Bahri said it was planning to resume talks with the Singapore-based Sembcorp and Saudi Aramco on a feasibility study on the construction of the shipyard, despite a previously signed agreement between the three companies having expired.

The shipyard is to be constructed near Ras al-Khair, and will provide engineering, manufacturing and repair services to the oil and gas sector, primarily rigs, platforms, commercial vessels, and offshore service vessels.