Saudi sovereign fund buys 40% stake in Zamil Offshore 

Saudi sovereign fund buys 40% stake in Zamil Offshore 

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 percent stake in Zamil Offshore Services Company (Zamil Offshore), one of the kingdom’s largest offshore support vessel operators and construction service providers. The value of the deal was not given. PIF’s investment will strengthen the capital base of Zamil Offshore, allowing it to expand its services […]Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 percent stake in Zamil Offshore Services Company (Zamil Offshore), one of the kingdom’s largest offshore support vessel operators and construction service providers.

The value of the deal was not given.

PIF’s investment will strengthen the capital base of Zamil Offshore, allowing it to expand its services and fleet to meet the growing demand for offshore support services, including wind power generation activities in the future.

The transaction forms part of the sovereign fund’s strategy to develop the country’s energy base. 

Incorporated in 1977, Zamil Offshore manages and operates more than 90 vessels. It’s two joint ventures – Zamil Mermaid provides subsea diving services, while SBS Oceanics offers maintenance, modification, and upgrade services for offshore platforms.

“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