Edgo’s Yemen subsidiary SSL has set up a joint venture with the Lamnalco Group based in the UAE, a global provider of towage and associated marine services in the oil and gas terminal industry. The JV has signed an agreement with Yemen Liquefied Natural Gas (YLNG) with a value of around $100 million for the first ten years with the possibility of a ten year extension.
It will invest $30 million and both own and operate four tugs; two oil spill response vessels, one harbour tug and one buoy maintenance tug. The vessels are considered to be some of the most powerful tugs ever built.
At a cost of $3.7 billion, YLNG is the biggest single project ever implemented in Yemen and construction of the greenfield YLNG project is more than a third complete. The project was first approved by core shareholders, led by Total, the US Hunt Oil Company and the Yemeni government, in 1995.