BRIEF-Aramco Establishing Two Offshore Fabrication Yards In Collaboration With International Partners

SAUDI ARABIAN OIL CO: * ARAMCO ESTABLISHING TWO OFFSHORE FABRICATION YARDS IN COLLABORATION WITH INTERNATIONAL PARTNERS

* PROJECTS EXPECTED TO CONTRIBUTE TO SAUDI ARABIA'S DEVELOPMENT AS A CENTER OF EXCELLENCE FOR MARITIME ENGINEERING, EQUIPMENT, MATERIAL MANUFACTURING AND FABRICATION * NEW YARDS WILL CAPITALIZE ON INFRASTRUCTURE AT RAS AL KHAIR

* ESTABLISHING YARDS AT RAS AL KHAIR ALSO AIMS TO SUPPORT LOCALIZATION OF MARITIME INDUSTRY * START-UP OF FACILITIES IS PLANNED FOR Q3 OF 2023, WITH INITIAL COMBINED PRODUCTION CAPACITY ESTIMATED AT ROUGHLY 70,000 METRIC TONS (MT) PER YEAR

* YARDS ARE EXPECTED TO CREATE UP TO 7,000 DIRECT AND INDIRECT JOBS, WITH A TARGET SAUDIZATION RATE OF 70% * IT IS ANTICIPATED THAT NEW OFFSHORE FABRICATION YARDS WILL SUPPORT ECONOMIC EXPANSION AND DIVERSIFICATION IN SAUDI ARABIA

* NEW YARDS ARE BEING CONSTRUCTED IN RAS AL KHAIR IN COLLABORATION WITH NATIONAL PETROLEUM CONSTRUCTION COMPANY (NPCC) AND MCDERMOTT INTERNATIONAL Further company coverage:

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