Bahri joins plan for major Saudi shipyard
Company carrying out feasibility study with Sembcorp and Saudi Aramco
Saudi Arabian shipping company Bahri has announced that it has signed an agreement with Saudi Aramco and Singaporean firm Sembcorp Marine to carry out a detailed feasibility study into building a huge new shipyard in the Kingdom.
Bahri said the "world-class Maritime Yard" would carry out manufacturing and repair of parts for offshore oil rigs and platforms as well as servicing commercial vessels and offshore service vessels.
Saudi Aramco and Sembcorp have already carried out detailed preliminary studies into setting up the yard and Bahri has joined as a partner as it enters into the detailed assessment phase.
In a statement to the Saudi stock exchange, the company said that its deal with the partners will be valid until an investment decision is made or terminated within 15 months.
Bahri said its Gas & Offshore business unit would handle its part in the study as well as identifying "other investment opportunities in the promising offshore services industry".
The company said that it will not know the financial impact of any decision to build until the feasibility study is completed and the partners have made their decision on whether to invest.