Saudi Arabia's $5.2 Billion Maritime Project Boosts Lamprell
- Lamprell to partner with Aramco for maritime yard project
- Shares in builder of oil rigs surge as much as 14 percent
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Shares in Lamprell Plc gained the most in more than two years after the builder of oil rigs partnered with Saudi Aramco to develop the biggest maritime yard in the region.
Saudi Arabian Oil Co., also known as Aramco, established a joint venture with the kingdom’s national shipping company Bahri, South Korea’s Hyundai Heavy Industries Co. Ltd. and Lamprell to develop and operate the $5.2 billion project located at Ras Al-Khair on the east coast.