Saudi Aramco has signed a joint development agreement (JDA) with the National Shipping Company of Saudi Arabia (Bahri), Lamprell and Hyundai Heavy Industries for developing a maritime yard in Saudi Arabia
The partners had signed an MoU in January and the JDA represents the next phase of development between them. The partners have also been working closely to undertake preliminary due diligence and feasibility studies on various aspects of the project on the ongoing work.
The project has been progressing rapidly in the last few months and with the signing of the JDA, the partners will jointly undergo development activities relating to financing, construction, operation and ownership of the maritime yard. They will enter into negotiations of definitive agreements in view of making a final investment decision in due course. The costs associated with the work streams covered by the JDA will be shared by the parties according to the agreement.
The undertaking is in line with the Saudi Vision 2030 and aims to localise world class manufacturing and services to support the growing national and international portfolio. As part of this undertaking, the partner companies will leverage their expertise, combined with current and future business needs to actively pursue the investment.
