By Ian Walker

Lamprell PLC (LAM.LN) said Friday that its joint venture with Saudi Aramco Oil Company--the national shipping company of Saudi Arabia--and Hyundai Heavy Industries Co. Ltd. (009540.SE) to build a maritime yard at the Ras Al-Khair site in eastern Saudi Arabia can now formally start business, having cleared all relevant conditions.

The new joint company--International Maritime Industries Company--has started the construction process at the site with dredging and associated activities in progress, Lamprell said. The joint venture was first announced in May 2017.

Lamprell's anticipated total equity contribution over the construction period is up to $140 million, the oil-and-gas and renewable-energy services provider said.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

March 16, 2018 04:22 ET (08:22 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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