MEOG: PIF buys 40% stake in Zamil Offshore

Saudi Arabia’s marine support services sector received a significant boost as the Public Investment Fund (PIF) announced its acquisition of a 40% stake in Zamil Offshore Co., one of the largest offshore support vessel operators in the kingdom.

In a press release, PIF outlined its investment objective, saying: “PIF’s investment aims to further strengthen 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 move aligns with PIF’s broader strategy to bolster Saudi Arabia’s energy base and develop its energy ecosystem, according to Bakr Al-Muhanna, head of the Transport and Logistics Sector in Middle East and North Africa Investments at PIF. Al-Muhanna emphasised the strategic importance of the offshore support industry in meeting global energy demand.

Established in 1977, Zamil Offshore manages over 90 vessels in the Arabian Gulf and operates two joint ventures: Zamil Mermaid, providing subsea diving services, and SBS Oceanics, offering maintenance, modification and upgrade services for offshore platforms.