Singapore-based shipyard operator SembCorp Marine Ltd said Tuesday it and Nasser Mohammed Al-Mukairish and Partners Co will invest 10 million US dollars to establish a joint venture company known as SembMarine (Middle East) Pte Ltd.
SembCorp Marine will own 60 percent of SembMarine, while Al-Mukairish will hold the remaining 40 percent. SembCorp Marine said its stake in SembMarine may rise to 80 percent within three years.
SembMarine will be one of the founding shareholders in the Floating Dock for Shipbuilding and Ship Repair Co (FDSCO), with an initial 2.5 percent stake.
FDSCO will build, own and operate a shipyard in Saudi Arabia.
The 21-hectare shipyard, which will be fully operational in 2009, is strategically located in the Yanbu Commercial Port in the Red Sea, SembCorp Marine said.
The shipyard will offer shipbuilding and repair services for ships plying the Red Sea-Mediterranean Sea route via the Suez Canal.
SembMarine plans to invest an additional 10-30 million dollars in FDSCO, raising its stake to between 5 percent and 10 percent, SembCorp Marine said.
SembCorp Marine will own 60 percent of SembMarine, while Al-Mukairish will hold the remaining 40 percent. SembCorp Marine said its stake in SembMarine may rise to 80 percent within three years.
SembMarine will be one of the founding shareholders in the Floating Dock for Shipbuilding and Ship Repair Co (FDSCO), with an initial 2.5 percent stake.
FDSCO will build, own and operate a shipyard in Saudi Arabia.
The 21-hectare shipyard, which will be fully operational in 2009, is strategically located in the Yanbu Commercial Port in the Red Sea, SembCorp Marine said.
The shipyard will offer shipbuilding and repair services for ships plying the Red Sea-Mediterranean Sea route via the Suez Canal.
SembMarine plans to invest an additional 10-30 million dollars in FDSCO, raising its stake to between 5 percent and 10 percent, SembCorp Marine said.