The new jv CSM Saudi Arabia with Khobar-based Spectrum Group aims to expand services both in the Kingdom and other areas in the Middle East such as Abu Dhabi with similar operating models.
The joint venture will have an immediate base of 35 offshore units and jack-up rigs with a staff of 70 – 80 drawn from the two companies, and more units are expected to follow.
Hamad Al-Saati, CEO & Chairman of Spectrum Group said: “CSM Saudi Arabia will transfer the most advanced technologies in this field to the Kingdom positioning it as a regional hub, increase job opportunities and enable local talent to employ state of the art technologies for the first time. We take pride in playing an active role in unlocking the full potential of local content and elevating the logistics sector, key components of the Kingdom’s Saudi Vision 2030.
“With this partnership we aim to utilise our existing regional footprint and cater to clients in the United Arab Emirates from the UAE, securing high levels of In Country Value (ICV) by ensuring a substantial part of our infrastructure is established in the UAE,” he added.
George Vassiliades, the CSM Managing Director of the Gulf Region, stated: “CSM Saudi Arabia is an Arabic Ship Management Company, respectful of local talent and expertise, with the knowledge, resources and ambition to become the leading ship management company in the Kingdom and UAE.”
CSM recently announced it was to sign a Memorandum of Understanding (MoU) with International Maritime Industries (IMI) to provide the full range of maritime services to the King Salman International Complex for Maritime Industries and Services in Ras Al Khair on Saudi Arabia’s east coast.
CSM moved into Saudi Arabia last year with an office in Riyadh.
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