Aramco signs agreement for maritime yard

Saudi Aramco has signed an agreement with three other companies for the establishment and operation of a maritime yard in Ras Al-Khair near Jubail Industrial City on Saudi Arabia’s east coast.

The joint venture is with Lamprell PLC, National Shipping Co. of Saudi Arabia, and Hyundai Heavy Industries Co. Ltd.

Aramco said the maritime yard will be the largest in the region in terms of production capacity and scale.

It will enable Aramco and supply-chain partners to meet their manufacturing, maintenance, repair, and overhaul requirements for offshore oil and gas rigs, support vessels, and commercial vessels, including very large crude carriers.

Major production operations are expected to begin in 2019 and reach full capacity by 2022.

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