The Saudi Public Investment Fund (PIF) has successfully concluded its investment in Zamil Offshore Services Company (Zamil Offshore), securing a 40% stake in the Saudi-based offshore support vessel operator and construction service provider. This substantial investment is a significant addition to Zamil Offshore's capital structure, highlighting PIF's commitment to supporting the growth and expansion of local companies. According to reports from the Saudi Press Agency (SPA), PIF's investment is aimed at bolstering Zamil Offshore's financial capabilities, facilitating its expansion into new services and fleet enhancement.

This strategic move is in response to the increasing demand for offshore support services, with potential involvement in emerging sectors such as wind power generation. PIF's investment aligns seamlessly with its broader strategy to foster the development of Saudi Arabia's energy sector. Zamil Offshore, established in 1977, holds a prominent position in Saudi Arabia's offshore support industry, boasting a significant market share and an extensive fleet of over 90 vessels operating in the Arabian Gulf. Additionally, the company has two joint ventures: Zamil Mermaid, specializing in subsea diving services, and SBS Oceanics, offering maintenance, modification, and upgrade services for offshore platforms.