Riyadh February 20 2024: The Public Investment Fund (PIF) has announced the completion of 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% stake of the total issued capital of the company.
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. The transaction forms part of PIF’s wider strategy to contribute to the development of Saudi Arabia’s energy base.
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 – which provides subsea diving services – and SBS Oceanics, which offers maintenance, modification and upgrade services for offshore platforms.
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.”
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.”
