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17 September 2019 The on-line newspaper devoted to the world of transports 22:37 GMT+2

October 22, 2012

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Al via the fusion of the fleets of the Saudis Bahri and Vela International

The transaction has a value of approximately 1,3 billion dollars

The negotiations between the Saudi shipowning companies The National Shipping Company of Saudi Arabia (Bahri) and Sail International Marine Limited have been concluded with success (group Saudi Aramco) for the fusion of the respective fleets agreed in a memorandum of understanding undersigned at the beginning of the summer ( of the 28 june 2012).

The agreement previews that Sail transfers to Bahri the property of its entire fleet that is constituted by 14 Raw oil tankers Very Large Carrier, from a VLCC for crude oil storage, from a Aframax oil tanker and four product tanker. The staff of edge of the Sail and a quota the earth staff of the company will pass to the Bahri.

The understanding previews moreover that Bahri relatively becomes exclusive supplier of the Saudi Aramco to the services of marine transport with VLCC within a contract in the long term of the initial duration of ten years.

Bahri will pay 4,87 billion riyal altogether (1,3 billion dollars) to the Sail, of which 3,1 billion riyal cash and the quota remaining through the emission of beyond 78,7 million new it sets in action of the Bahri to the unit price of 22,25 riyals, for a quota pairs to 20% of the capital stock of the Bahri.

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