An agreement between Bahri, Saudi Aramco and Sembcorp Marine to develop a shipyard has lapsed, however, the three parties may continue discussions.

A Memorandum of Understanding (MoU) to develop an international maritime yard for shipbuilding and offshore manufacturing expired on Thursday without any financial commitments to the project by the three companies Bahri said in a statement.

However, discussions may continue and Bahri said: “The parties intend to continue their discussion and sign a new MoU or extend the expired MoU.”