A Memorandum of Understanding between the Economy Ministry and Ablecare Oilfield Services was signed today, taking the Maritime Hub project another step forward, the government said.

Ablecare Oilfield Services Holdings Limited had been identified as the preferred bidder for the development of the former Marsa Shipbuilding site.

Economy Minister Chris Cardona said the MoU was formalising the choice of company and the government would be in position to resume negotiations on the development of the site, which had been left neglected for many years. Thanks to this project, Dr Cardona said, te country would strengthen its role as a maritime centre of excellence in the Mediterranean.

Dr Cardona said the government was hopeful that the company would contribute in a significant way to its vision to strengthen the maritime sector and attract quality investment.

The project proposed by Ablecare falls within the gas and oil industry category.  It will focus on services related to the sector and will include Rig Stop facilities for the repair and recertification of oil rigs, storage for machinery and logistical facilities, assistance and support services, docking facilities, inspections and the construction of facilities for international specialised subcontractors and an academy that will provide training and internationally accredited courses.

Thanks to this investment project, Malta would become the first maritime centre of its kind in the Mediterranean, Dr Cardona said.