Ashurst advises Lamprell Plc on major Saudi maritime yard joint venture

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 USD5.2 billion.

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.