PIF Invests in Zamil Offshore to Bolster Saudi Arabia's Energy Sector

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PIF Invests in Zamil Offshore to Bolster Saudi Arabia's Energy Sector

The Public Investment Fund (PIF) has invested in Zamil Offshore Services Company, a leading Saudi offshore support vessel operator and construction service provider. PIF's 40% stake in Zamil Offshore aims to enhance its capital base and support its expansion plans amidst growing demand for offshore support services, including wind power generation.

Zamil Offshore, established in 1977, is a prominent player in Saudi Arabia's offshore support sector, operating over 90 vessels in the Arabian Gulf. Notably, it also has strategic joint ventures, such as Zamil Mermaid (subsea diving services) and SBS Oceanics (offshore platform maintenance).

PIF's investment underscores its commitment to fostering Saudi Arabia's energy ecosystem. Bakr AlMuhanna, Head of Transport and Logistics at PIF, emphasized the strategic importance of the offshore support industry in meeting global energy demands.

Tawfiq Al Zamil, Chairman of Zamil Offshore, expressed enthusiasm about the partnership with PIF. He anticipates that their support will drive the company's growth and diversification, enabling it to effectively serve offshore projects within Saudi Arabia.