Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) has acquired a 40% stake of the total issued capital of Zamil Offshore Services Company, one of the largest Saudi-based offshore support vessel operators and construction service providers.
PIF’s investment aims to further boost the capital base of Zamil Offshore to enable this Saudi private sector company, according to a press release.
The firm plans to widen its services and fleet amid growing demand for offshore support services, including wind power generation activities in the future.
Meanwhile, the transaction aligns with PIF’s strategy to contribute to the development of Saudi Arabia’s energy base.
Bakr Al Muhanna, Head of Transport and Logistics Sector in MENA Investments at PIF, commented: “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,” Al Muhanna continued.
Tawfiq Al Zamil, Chairman of Zamil Offshore, said: “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.”
In January 2024, the Saudi fund concluded the pricing of a $5 billion Reg S international bond offering.
