26 JAN 2016

Following the previous announcement of The National Shipping Company of Saudi Arabia (Bahri) on October 29, 2015 regarding the expiration of the Memorandum of Understanding (MoU) with Saudi Arabian Oil Company (Saudi Aramco) and Sembcorp Marine (Singaporean company) on the potential development of international Maritime Yard for shipbuilding and offshore manufacturing (the Project), Bahri announces that Hyundai Heavy Industries CO., LTD. (South Korean Company) and Lamprell Energy Limited (UAE Company) have decided to join the discussion on the project and replace Sembcorp Marine (Singaporean company). A new MoU has been signed on January 25, 2016 between Saudi Aramco, The National Shipping Company of Saudi Arabia (Bahri), Hyundai Heavy Industries CO., LTD. (South Korean Company) and Lamprell Energy Limited (UAE Company) to continue the discussion regarding the Project. The new MoU is valid until an investment decision is made or terminated within 1 year from its effective date