Saudi Public Investment Fund Bolsters Offshore Sector With Zamil Offshore Stake

The Public Investment Fund (PIF) has recently announced a significant investment in the Saudi maritime sector by acquiring a 40% stake in Zamil Offshore Services Company (Zamil Offshore). This strategic move is set to bolster the capital base of Zamil Offshore, a leading Saudi-based provider of offshore support vessel operations and construction services. The investment is aimed at enabling Zamil Offshore to expand its services and fleet to meet the increasing demand for offshore support services, including future wind power generation activities.

Zamil Offshore stands out as one of the largest offshore support companies in Saudi Arabia, both in terms of market share and fleet size. The company boasts management and operation of over 90 vessels in the Arabian Gulf. Additionally, it has established two joint ventures: Zamil Mermaid, focusing on subsea diving services, and SBS Oceanics, specializing in the maintenance, modification, and upgrade of services for offshore platforms.

Bakr AlMuhanna, Director of investments at PIF and head of Logistics and Transportation investments in the MENA region, emphasized the strategic importance of the offshore support industry to Saudi Arabia. He stated, "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, Chairman of Zamil Offshore, expressed enthusiasm about PIF's investment and strategic partnership. He remarked that this collaboration would mark a new phase for Zamil Offshore’s growth and success. It is expected to enable the company to continue its journey of diversification and expansion of operations to serve offshore projects in Saudi Arabia.

This transaction aligns with PIF’s broader strategy to contribute to the development of Saudi Arabia’s energy base. It underscores the fund's commitment to investing in key sectors that support the kingdom's economic diversification and sustainable growth objectives.

The announcement was made through a press release distributed by SPA at 17:05 local time (14:05 GMT), underlining the significance of this partnership in strengthening Saudi Arabia's position in the global energy sector.