Ashurst advises Lamprell on major Saudi maritime yard joint venture

International law firm Ashurst advised Lamprell Plc, a leading provider of diversified fabrication, engineering and contracting services to the global energy industries, on a conditional agreement with partners Saudi Aramco, Bahri, and Hyundai Heavy Industries Co. Ltd. to participate in a joint venture with respect to the establishment, development and operation of a maritime yard for the construction, maintenance and repair of offshore drilling rigs and vessels. The maritime yard will form part of the King Salman International Complex for Maritime Industries & Services, in the eastern province of the Kingdom of Saudi Arabia. The aggregate cost of constructing the maritime yard is expected to be approximately US$5.2 billion.

Commenting, lead partner Nick Bryans said:

"We are delighted to have supported Lamprell in finalising the joint venture arrangements for this highly significant project, which is expected to create the largest maritime yard in the region within the next few years. It was a pleasure working closely with the Lamprell team on this challenging, interesting and complex transaction".

Nick Bryans led the Ashurst team with assistance in Dubai from counsel Chris Young, and in London from senior associate Tara Waters. Partner Martyn Rogers and associates Tom West and Nicola Heather assisted on finance aspects, with partner Jamie Chapman and associate Andrew Pignatelli advising on real estate matters. Saudi law advice was provided by partner Faisal Baassiri.