20 August 2013 10:09 [Source: ICIS news]
SINGAPORE (ICIS)--The National Shipping Company of Saudi Arabia (Bahri), oil firm Saudi Aramco and Singapore’s Sembcorp Marine are teaming up to develop a maritime yard in the Middle Eastern country, Bahri said on Tuesday.
The three parties have signed a memorandum of understanding (MOU) on the proposed undertaking on 19 August, Bahri said in a filing to the Saudi Stock Exchange.
The companies will prepare a detailed feasibility assessment on the project under the agreement.
“The MOU is valid until an investment decision is made or terminated within 15 months from its effective date,” Bahri said.
Saudi Aramco and Sembcorp Marine have previously completed preliminary studies on the project, with Bahri joining in as a partner, it said.
“The intended maritime yard will provide engineering manufacturing and repair services related to rigs platforms commercial vessels and offshore service vessels,” it said.
Investment estimates for the project were not provided.
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