Saudi Aramco, McDermott sign MoU for construction of offshore platforms

An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city, in this November 11, 2007 file photo. (REUTERS)
Updated 08 March 2017
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Saudi Aramco, McDermott sign MoU for construction of offshore platforms

JEDDAH: Saudi Aramco signed a memorandum of understanding (MoU) with McDermott International for the integrated engineering procurement construction and installation (EPCI) of offshore platforms for McDermott’s growing Middle East and other regional oil and gas development markets at the King Salman International Complex for Maritime Industries and Services, according to a Saudi Aramco statement issued here on Wednesday.
This project is part of Saudi Aramco’s plan to expand its local supply chain, which will improve the company’s agility while driving additional economic and human capital development, as well new employment opportunities to help the Kingdom achieve the goals of Saudi Vision 2030.
The selection of McDermott was the result of a rigorous evaluation process, which followed extensive negotiations with several world-class players in the offshore EPCI services field.
The project aims to create a world-class provider of offshore EPCI services throughout the Middle East and regional markets. It will build on the existing relationship between Saudi Aramco and McDermott to localize this part of the supply chain, which would improve efficiency while increasing local content, export of energy goods and services, and further development of the Kingdom’s economy.


BlackRock boss remains bullish on Saudi Arabian market

Updated 17 July 2018
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BlackRock boss remains bullish on Saudi Arabian market

LONDON: Larry Fink, the head of the world’s biggest asset manager, is confident about the future of the Saudi Arabian market following a visit to the
Kingdom.
Fink, CEO of BlackRock, said that he was “more excited about the opportunity” in Saudi Arabia following his visit.
He added that he would not be surprised to see an initial public offering of Saudi Aramco in some form next year, perhaps on the Saudi stock market, known as the Tadawul.
He was speaking on the day Black Rock reported smaller demand for its funds on Monday, and its stock dropped despite a better-than-expected quarterly profit. Net income attributable to the company rose to $1.07 billion in the second quarter, up more than 25 percent from $854 million a year earlier, Reuters reported.
The company faced a difficult market during the quarter, reporting an industrywide slowdown in the demand for exchange-traded funds (ETFs).
The BlackRock CEO said he would not be surprised to see an initial public offering of Saudi Aramco in some form next year.