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Saudi sovereign fund PIF buys 40% stake in Zamil Offshore 

PIF Zamil Offshore exploration Reuters/Amir Cohen
PIF’s investment will strengthen the capital base of Zamil Offshore to enable it to continue expanding its services

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 percent stake in Zamil Offshore Services Company, one of the kingdom’s largest offshore support vessel operators and construction service providers.

The value of the deal was not given.

PIF’s investment will strengthen the capital base of Zamil Offshore, allowing it to expand its services and fleet to meet the growing demand for offshore support services, including wind power generation activities.

The Zamil deal is part of PIF’s strategy to develop the kingdom’s energy base. 

Zamil Offshore, incorporated in 1977, manages and operates more than 90 vessels. It has two joint ventures, Zamil Mermaid, which provides subsea diving services, and SBS Oceanics, which offers maintenance, modification and upgrade services for offshore platforms.

“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,” said Bakr AlMuhanna, head of the transport and logistics sector in Mena investments at PIF.

The PIF was ranked first globally in 2023 in terms of new money invested by state-owned investors by the the 2024 Global Sovereign Wealth Fund report, having deployed $31.5 billion in 48 deals.

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