The Saudi Public Investment Fund (PIF)’s investment in Zamil Offshore Services Company (Zamil Offshore), a leading Saudi-based offshore support vessel operator and construction service provider, has been successfully concluded. PIF now holds a 40 percent stake in the company, representing a significant portion of its total issued capital.
According to the Saudi Press Agency (SPA), PIF’s investment aims to enhance the financial resources of Zamil Offshore, enabling the Saudi private sector firm to expand its range of services and fleet. This expansion will cater to the growing demand for offshore support services, including potential involvement in wind power generation activities. This transaction aligns with PIF’s broader strategy of contributing to the development of Saudi Arabia’s energy sector.
Established in 1977, Zamil Offshore is a leading offshore support company in Saudi Arabia, boasting a significant market share and an extensive fleet of over 90 vessels in the Arabian Gulf. Additionally, Zamil Offshore has two joint ventures: Zamil Mermaid, which specializes in subsea diving services, and SBS Oceanics, offering maintenance, modification, and upgrade services for offshore platforms.
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PIF’s investment strengthening Saudi’s energy sector
Bakr AlMuhanna, head of Transport and Logistics Sector in MENA Investments at PIF, said: “The offshore support industry remains strategically important to Saudi Arabia and will continue to play a crucial role in addressing the world’s energy demand. Our investment in Zamil Offshore will strengthen this vital sector, contributing to PIF’s wider efforts to develop Saudi Arabia’s energy ecosystem.”
For his part, Tawfiq Al Zamil, Zamil Offshore chairman, said: “We are very excited to bring in PIF as an investor and strategic partner. Today’s announcement will usher in a new phase for Zamil Offshore’s continued growth and success, and enable the company to carry on its journey of diversifying and expanding its operations to serve offshore projects in Saudi Arabia.”
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