The Public Investment Fund (PIF) has completed its investment in Zamil Offshore Services Company (Zamil Offshore), one of the largest Saudi-based offshore support vessel operators and construction service providers.
PIF has acquired a 40 percent stake of the total issued capital of the company. The transaction forms part of PIF’s wider strategy to contribute to the development of Saudi Arabia’s energy base.
PIF’s investment aims to further strengthen the capital base of Zamil Offshore to enable this 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.
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.
Bakr AlMuhanna, Head of the Transport and Logistics Sector in MENA Investments at PIF, said that, “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.”
“We are very excited to bring in PIF as an investor and strategic partner. This 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,” commented Tawfiq Al Zamil, Chairman of Zamil Offshore.
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