The Memorandum of Understanding (MoU) between the National Shipping Company of Saudi Arabia (Bahri), Saudi Arabian Oil Company (Saudi Aramco) and Sembcorp Marine on developing an international maritime yard for shipbuilding and offshore manufacturing, has expired as of 29 October 2015.
Bahri said that the MoU has expired without any financial commitments and that the parties intend to continue their discussion and sign a new MoU or extend the expired MoU. The company could not, however, disclose any further details on the potential deadlines regarding the MoU extension.
The MoU was first signed in August 2013 with the aim of laying the groundwork for a detailed feasibility assessment aimed at the development of a world-class maritime yard in the Kingdom of Saudi Arabia.
The yard would specialize in engineering, manufacturing & repair services for the offshore industry, primarily rigs, platforms, commercial vessels and offshore service vessels.