Lamprell has seen a Saudi Arabian entity take up a stake of over 10% in the company as the shipyard looks to increase its exposure to the kingdom’s market.

Blofeld Investment Management, owned by the same local investor with which Lamprell is setting up its joint venture in Saudi Arabia, now has a stake of 10.08% in United Araba Emirates-based Lamprell.

Registered in the Bahamas, Blofeld is a private family fund based in Saudi Arabia and owned by the same investor that owns Asyad Holdings, with which Lamprell is setting up its Lamprell Saudi Arabia joint venture.

That joint venture is part of Lamprell’s efforts to achieve its credentials under Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) programme, aimed at boosting the local content competence of international contractors.

Lamprell has for some time been looking to qualify as one of the international contractors considered by Aramco for work under its coveted Long Term Agreements deals. To date the list includes McDermott International and Dynamic Industries of the US, Italy’s Saipem, a partnership of India’s Larsen & Toubro with Oslo-listed Subsea 7 and Abu Dhabi-based National Petroleum Construction Company (NPCC).

Lamprell is already involved in a major maritime complex development in Saudi Arabia alongside Aramco, state shipping giant Bahri and South Korean’s yard Hyundai Heavy Industries.

The King Salman International Complex, part of Crown Prince Mohammed bin Salman’s wider Vision 2030 plan for rejuvenating the Saudi economy, is costing $5.2 billion, with construction work already well under way in Ras Al-Khair north of Jubail Industrial City.

Online

Saudi player boosts Lamprell stake