The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth entity, has made a significant move by acquiring a 40% ownership in Zamil Offshore Services Company, a leading operator and construction service provider for offshore support vessels in the Kingdom. The investment is part of PIF’s ongoing strategy to bolster the energy sector and support the diversification of domestic resources.
Zamil Offshore, known for its dominance in market share and fleet size within Saudi Arabia, operates an impressive array of over 90 vessels in the Arabian Gulf. The company has established two successful joint ventures: Zamil Mermaid, specializing in subsea diving services, and SBS Oceanics, focused on maintenance and upgrades 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 the Kingdom’s energy ambitions. “Our investment in Zamil Offshore underscores our commitment to strengthening a sector pivotal in meeting global energy demands,” AlMuhanna stated in a recent press release.
Tawfiq Al Zamil, Chairman of Zamil Offshore, welcomed the PIF as a strategic investor, asserting that their involvement marks the beginning of a new growth chapter for the company. The collaboration with PIF is expected to enable Zamil Offshore to enhance its service offerings and address future offshore projects, including those related to wind power generation.
This development signifies PIF’s dedication to advancing Saudi Arabia’s energy infrastructure, ensuring that the Kingdom remains at the forefront of the industry’s evolution.