Riyadh, Saudi Arabia — The Public Investment Fund (PIF) acquired a 40% stake in Zamil Offshore Services Co. (Zamil Offshore), one of the largest Saudi-based offshore support vessel operators and construction service providers.
The sovereign wealth fund said in a statement that the investment aims to strengthen the capital base of Zamil Offshore to enable the Saudi private sector company to continue expanding its services and fleet to serve the growing demand for offshore support services, including wind power generation activities in the future.
The transaction forms a part of PIF’s wider strategy to contribute to the development of Saudi Arabia’s energy base, it added, according to Argaam.
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,” he said.
Incorporated in 1977, Zamil Offshore is one of the largest offshore support companies in Saudi Arabia in terms of market share and fleet size, managing and operating more than 90 vessels in the Arabian Gulf.
Zamil Offshore has two joint ventures, including Zamil Mermaid that provides subsea diving services, and SBS Oceanics that offers maintenance, modification and upgrade services for offshore platforms.