SAUDI ARABIA

PIF acquires 40% stake in Zamil Company to boost Saudi Arabia's offshore support sector

February 19, 2024

Saudi Gazette report

RIYADH
— The Public Investment Fund (PIF) has finalized its acquisition of a 40% stake in Zamil Offshore Services Company, a leading Saudi-based operator and service provider in the offshore support vessel and construction industry.

This strategic investment is set to fortify Zamil Offshore's capital base, enabling the company to expand its services and fleet in response to the increasing demand for offshore support services, including potential future ventures in wind power generation.

Zamil Offshore, established in 1977, boasts a significant market share and operates a fleet of over 90 vessels in the Arabian Gulf, making it one of the kingdom's foremost offshore support entities.

The company also engages in joint ventures such as Zamil Mermaid, which specializes in subsea diving services, and SBS Oceanics, focusing on the maintenance, modification, and upgrading of offshore platforms.

Bakr AlMuhanna, Head of Transport and Logistics Sector in MENA Investments at PIF, emphasized the strategic importance of the offshore support industry to Saudi Arabia's efforts to meet global energy demands. He noted that PIF's investment would bolster this crucial sector, aligning with the fund's broader objective to enhance the kingdom's energy ecosystem.

Tawfiq Al Zamil, Chairman of Zamil Offshore, expressed enthusiasm about partnering with PIF, anticipating a new growth phase for the company. He highlighted the investment as a pivotal step towards diversifying and expanding Zamil Offshore's operations to support various offshore projects in Saudi Arabia.


February 19, 2024
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