StockMarketWire.com - Lamprell subsidiary Maritime Offshore Limited has signed a joint development agreement with the Saudi Arabian Oil Co, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries for a potential partnership collaboration for establishing a maritime yard, at Ras Al Khair in eastern Saudi Arabia. The JDA represents the next phase of development between the partners after signing the Memorandum of Understanding (MoU) in January.

The the partners have been working closely to undertake preliminary due diligence and feasibility studies.

Good progress has been made in recent months and, with the signing of the JDA, the partners intend to assess the operational, financial, personnel and legal aspects of the project in detail with a view to making a final investment decision in due course. The costs associated with the workstreams covered by the JDA will be shared by the parties according to the agreement.

The intended maritime yard will provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels. Lamprell is pleased to be part of this important undertaking which is looking at possible ways through which potential partners can leverage their collective know-how and current and future business needs, to help to promote economic development in the Kingdom of Saudi Arabia in line with the Kingdom's Vision 2030. It is also expected that the maritime yard will compete internationally and deliver projects to world class standards of quality and safety, areas in which Lamprell has a proven track record.




Story provided by StockMarketWire.com