HOUSTON -- McDermott International, Inc. announced it has signed a joint venture agreement with Zamil Offshore to target the Maintenance, Modifications and Operations (MMO) market in Saudi Arabia.
McDermott and Zamil will work together on an exclusive basis to provide Saudi Aramco with comprehensive offshore brownfield EPCI solutions and asset maintenance services. The new joint venture will be uniquely positioned to offer integrated, cost effective MMO services, to address the rising market demand in Saudi Arabia.
Zamil is renowned as the largest offshore and marine services provider in the Middle East. The partnership with Zamil will provide McDermott access to a new revenue stream in the maintenance, turnaround, inspection, and asset integrity services market in Saudi Arabia.
"Our partnership with Zamil reflects McDermott's commitment to supporting Saudi Aramco across the oil and gas production life cycle," said Linh Austin, McDermott's senior V.P., Middle East and North Africa. "Building on the strengths and distinguished track-record of both companies and fueled by McDermott's technology and digital-ready solutions," added Austin, "we will enable our customers to maximize the performance of offshore assets by increasing reliability and production uptime."
The joint venture bolsters McDermott's long-term growth plans in Saudi Arabia and is expected to significantly contribute to the in-Kingdom Total Value Add (IKTVA) program and local content commitments, ultimately supporting Saudi Vision 2030.