• PIF’s investment aims to enable the Saudi private company to continue expanding its services and fleet to serve growing demand for offshore support services

RIYADH – The Public Investment Fund (PIF) has announced the completion of its investment in Zamil Offshore Services Company (Zamil Offshore), one of the largest Saudi-based offshore support vessel operators and construction service providers. PIF has acquired a 40% stake of the total issued capital of the company.

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 transaction forms part of PIF’s wider strategy to contribute to the development of Saudi Arabia’s energy base. 

Incorporated in 1977, Zamil Offshore is one of the largest offshore support companies in Saudi Arabia in terms of market share and fleet size, managing and operating more than 90 vessels in the Arabian Gulf. Zamil Offshore has two joint ventures, including Zamil Mermaid – which provides subsea diving services – and SBS Oceanics, which offers maintenance, modification and upgrade services for offshore platforms.

Bakr AlMuhanna, Head of Transport and Logistics Sector in MENA Investments at PIF, said: “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 in Zamil Offshore will strengthen this vital sector, contributing to PIF’s wider efforts to develop Saudi Arabia’s energy ecosystem.”

Tawfiq Al Zamil, Zamil Offshore Chairman, said: “We are very excited to bring in PIF as an investor and strategic partner. Today’s announcement will usher in a new phase for Zamil Offshore’s continued growth and success, and enable the company to carry on its journey of diversifying and expanding its operations to serve offshore projects in Saudi Arabia.”

About PIF:

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 93 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least SAR150 billion annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with significant international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

More information about PIF can be found at: www.pif.gov.sa   Media Contact: media@pif.gov.sa

About Zamil Offshore:
Zamil Offshore Services Company has been offering diversified offshore and marine support services to the oil and gas industry since 1977. Its core business includes offshore marine and diving services, offshore construction and hookup services, as well as port towage and pilotage operations. Zamil owns and operates a fleet of over 90 offshore support vessels and jack-up barges. Zamil also manages the towage and pilotage operations in 5 different ports across the Kingdom.

Find out more: www.zamiloffshore.com