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Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40% stake in Zamil Offshore Services Company.

The company is one of the largest Saudi-based offshore support vessel operators and construction service providers.

In a statement the PIF said the investment aims to further strengthen the capital base of Zamil Offshore to enable this Saudi private sector company to continue expanding its services and fleet to serve the growing demand for offshore support services, including wind power generation activities in the future.

The fund added that the transaction forms part of PIF’s wider strategy to contribute to the development of Saudi Arabia’s energy base.

Incorporated in 1977, Zamil Offshore is one of the largest offshore support companies in Saudi Arabia with more than 90 vessels operating in the Gulf.

The company has two joint ventures, including Zamil Mermaid – which provides subsea diving services – and SBS Oceanics, which offers maintenance, modification and upgrade services for offshore platforms.

The Zamil transaction follows another oil and gas related transaction involving the PIF. Nesma & Partners, which is 25% owned by the PIF, recently completed the acquisition of Dubai-based energy industry services provider Kent.