Riyadh, February 19, 2024, The Public Investment Fund (PIF) released a statement today announcing its acquisition of a 40% stake in Zamil Offshore Services Company (Zamil Offshore), a prominent Saudi-based operator of offshore support vessels and construction services. This strategic investment is aimed at bolstering Zamil Offshore's capital structure, empowering the Saudi private sector entity to expand its services and fleet to meet the increasing demand for offshore support services, including future ventures in wind power generation.
PIF's involvement in Zamil Offshore aligns with its broader strategy to advance Saudi Arabia's energy sector. According to the statement, Zamil Offshore holds a leading position in the Saudi offshore support market, boasting a substantial fleet of over 90 vessels operating in the Arabian Gulf. Additionally, the company has two joint ventures: Zamil Mermaid, which specializes in subsea diving services, and SBS Oceanics, offering maintenance, modification, and upgrade services for offshore platforms.
Bakr AlMuhanna, Director of investments at PIF overseeing Logistics and Transportation investments in the MENA region, emphasized the strategic significance of the offshore support industry to Saudi Arabia's energy landscape. He stated that PIF's investment in Zamil Offshore will fortify this critical sector, contributing to broader efforts to develop Saudi Arabia's energy ecosystem.
Tawfiq Al Zamil, Chairman of Zamil Offshore, expressed excitement about PIF's involvement as an investor and strategic partner. He stated that this collaboration marks a new chapter in Zamil Offshore's journey, facilitating continued growth and success while enabling the company to diversify and expand its operations to support offshore projects within Saudi Arabia.
