Register for MEED's guest programme 

Saudi Arabia's Oil Park Development Company (OPDC), which is backed by sovereign wealth vehicle the Public Investment Fund (PIF), has issued several tenders for the development of the Rig project in the Gulf.

The overall development consists of eight components comprising three offshore rigs, a combined offshore marina, two onshore terminals, a subsea cable network and a transition yard.

"The deadline is the end of May," sources close to the project told MEED.

The sources added that "the refurbishment of offshore rigs package is only open to the contractors with relevant offshore experience".

MEED understands that companies including UAE-based Lamprell, India's Larsen & Toubro, Beijing-headquartered China Harbour and US-based McDermott are among those that have been invited to bid for the offshore rigs.

The two onshore terminals are planned in Dammam and Jubail. The scope for each location includes the construction of a terminal building with an onshore marina, parking facilities and a helipad.

The Rig will be an oil rig-like structure installed in the Gulf, with a total built-up area of more than 300,000 square metres. It will be located 40 kilometres from the coastline, near Al Juraid Island and the Berri oil field.

The project will provide a range of hospitality offerings and aquatic sporting experiences. These include three hotels with 800 rooms and 11 restaurants, a 50-berth marina, a theme park and other associated amenities, including swimming pools, water slides, rollercoasters, a Ferris wheel, submersibles, karting facilities, bungee jumping, jet skiing, zip lining and scuba diving.

The Rig aligns with the PIF’s 2021-25 strategy to drive innovation in Saudi Arabia’s tourism and entertainment sectors. The strategy aims to provide development opportunities for economic diversification as part of the kingdom's Vision 2030 objectives.

MEED's April 2024 special report on Saudi Arabia includes:

> GVT & ECONOMY: Saudi Arabia seeks diversification amid regional tensions
> BANKING: Saudi lenders gear up for corporate growth
> UPSTREAM: Aramco spending drawdown to jolt oil projects
> DOWNSTREAM: Master Gas System spending stimulates Saudi downstream sector
> POWER: Riyadh to sustain power spending
> WATER: Growth inevitable for the Saudi water sector
> CONSTRUCTION: Saudi gigaprojects propel construction sector
> TRANSPORT: Saudi Arabia’s transport sector offers prospects