Bahri Signs MOU with Aramco and Sembcorp Marine Ltd.

The National Shipping Company of Saudi Arabia Bahri announces that on August 19 2013 it entered into a Memorandum of Understanding MOU with SAUDI ARAMCO and Sembcorp Marine Ltd.

A leading global marine and offshore engineering group based in Singapore Under this MOU the three parties will prepare a detailed feasibility assessment towards the development of a world class Maritime Yard in the Kingdom of Saudi Arabia The MOU is valid until an investment decision is made or terminated within 15 months from its effective date.

Saudi Aramco and Sembcorp Marine Ltd have previously completed preliminary studies leading to this detailed assessment phase which Bahri is now participating as a new partner. The intended Maritime Yard will provide engineering manufacturing and repair services related to rigs platforms commercial vessels and offshore service vessels.

Within Bahri this initiative will be managed by the Gas & Offshore Business Unit currently being established.

This unit shall also explore other investment opportunities in the promising offshore services industry in pursuance of the company strategy to grow and diversify its business activities.

The financial implications of this venture on Bahri will only be established upon completion of the feasibility assessment which will include all activities from construction operations and commercial planning to supply chain development required for the three equity partners to make a final investment decision.