The Saudi Arabian Public Investment Fund (PIF) has successfully finalized an acquisition of a significant ownership stake in Zamil Offshore Services Company, a leading offshore support vessel operator and construction service provider based in Saudi Arabia. The sovereign wealth fund now holds a 40% share of the total issued capital of the enterprise.
The strategic move by PIF is intended to bolster Zamil Offshore’s capital structure, enabling the company to expand its service offerings and fleet. This enhancement will cater to the increasing demand for offshore support services, which also encompasses future activities related to wind power generation.
This investment aligns with PIF’s broader initiative to foster the growth of the Kingdom’s energy sector. Zamil Offshore, established in 1977, commands a significant market presence and fleet size within the Kingdom, managing and operating over 90 vessels in the Arabian Gulf.
Moreover, Zamil Offshore has engaged in two joint ventures, Zamil Mermaid and SBS Oceanics, specializing in subsea diving and offshore platform services, respectively.
“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,” stated Bakr AlMuhanna, Head of Transport and Logistics Sector in MENA Investments at PIF. He further added that the investment 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 for the partnership, indicating that PIF’s involvement marks the commencement of a new chapter for the company’s growth and diversification, particularly in servicing offshore projects within Saudi Arabia.