Italian engineering, procurement, and construction contractor Saipem has signed a memorandum of understanding with Plambeck Emirates for the development and construction of a floating offshore wind farm in Saudi Arabia.
The first phase of the 500MW floating offshore wind farm project will commence in the coming weeks through Plambeck Saudi, a company located in Riyadh.
The partners said they will carry out the project, in line with the Saudi Vision 2030.
Saipem said in a statement that it will start operations after finalisation of the financial agreements, following which the contract will be signed for Saipem to undertake the engineering, design, construction and installation of the project and related services.
Francesco Balestrino, Saipem's renewables and green tech product manager of the Xsight division, said: "We believe that the wind market in Saudi Arabia can be supported by innovative solutions for the construction of offshore wind farms, such as the Saipem technology Hexafloat, with an accelerated programme and reduced costs.
"Initiating the new market in Saudi Arabia is an important opportunity to be seized and we are ready with Plambeck for this new challenge".
Norbert Plambeck, shareholder of Plambeck Emirates, added: "We are very proud to have a global solution provider with international experience like Saipem, with whom we can carry the next development phases of the project."
Plambeck Emirates is a solutions company in the field of renewables based in Abu Dhabi.