The Saudi oil major and Singaporean shipyard and engineering group have already completed preliminary studies for the yard, and were joined yesterday by predominantly tanker-owning Bahri.
If given the go-ahead, the yard will provide engineering, manufacturing and repair services for offshore structures, OSVs and commercial vessels. For Bahri, the trading brand of the National Shipping Company of Saudi Arabia, the initiative will be handled by their newly founded gas and offshore business unit which will also explore other investment opportunities in the offshore sector.
The MOU is valid for 15 months, or until an investment deal is made or the plans scrapped.
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