Monday 22 April 2024

Saudi wealth fund PIF buys 40% stake in Zamil Offshore

RIYADH, February 19, 2024

Saudi sovereign wealth fund PIF (Public Investment Fund) has announced that it has completed the acquisition of a 40% stake in Zamil Offshore Services Company (Zamil Offshore). 
Incorporated in 1977, Zamil Offshore is one of the largest offshore support companies in Saudi Arabia in terms of market share and fleet size, managing and operating more than 90 vessels in the Arabian Gulf. 
Zamil Offshore has two joint ventures, including Zamil Mermaid – which provides subsea diving services – and SBS Oceanics, which offers maintenance, modification and upgrade services for offshore platforms.
PIF said its investment is aimed at further strengthening the capital base of Zamil Offshore to enable this Saudi private sector company to continue expanding its services and fleet to serve the growing demand for offshore support services, including wind power generation activities in the future. 
The transaction forms part of PIF’s wider strategy to contribute to the development of Saudi Arabia’s energy base, it stated.  
Bakr AlMuhanna, Head of Transport and Logistics Sector in Mena Investments at PIF, said: "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."
One of the largest and most impactful sovereign wealth funds in the world, PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. 
A financial powerhouse chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. 
Tawfiq Al Zamil, Zamil Offshore Chairman, expressed delight at bringing in PIF as an investor and strategic partner. 
"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," he added.


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