Saudi Aramco and American oilfield services provider McDermott International have signed a memorandum of understanding to construct a marine manufacturing facility at a shipbuilding complex planned for Ras Al Khair maritime facility in Eastern Province.
McDermott plans to build a new fabrication and marine complex expected to use state-of-the-art facilities, increased automation and an optimized layout to increase McDermott’s abilities to service its growing Middle East and Caspian markets. McDermott plans to build and outfit offshore oil and gas platforms at the new yard.
According to McDermott International Chief Executive Officer David Dickson, “We are excited about this strategic move and believe it expands and strengthens our ability to service all our growing Middle East markets and our decades-long leadership position with Saudi Aramco and in the Middle East. When we look at our next 50 years of business in the Middle East, we see strong benefits to moving our business operations to Saudi Arabia.”
Marine Manufacturing: One Facet of Vision 2030
Vision 2030 encourages the Kingdom to leverage its unique geographic position at the crossroads of Asia, Africa and Europe to build a regional logistics hub connecting the continents. The Kingdom has already invested in the construction of roads, railways and ports. Indeed, Saudi officials have said the complex at Ras Al Khair will cost more than $5 billion to build. Saudi Arabia plans to maximize these investments by partnering with the private sector and enter into new international partnerships to link Saudi infrastructure domestically and internationally.
Read more about this story at Reuters.