Saudi Aramco and its partners, Lamprell Plc, the National Shipping Company of Saudi Arabia (Bahri), and Hyundai Heavy Industries (HHI), officially launched a shipyard joint venture to be one of the largest full-service maritime facilities upon fully operational in 2022.
The International Maritime Industries (IMI) joint venture localizes essential links for Saudi Aramco’s supply chain related to offshore drilling and shipping activities, to optimize cost, reduce response times and improve agility.
According to the company, the nearly 12 million square-meter facility will be the largest in the region in terms of production capacity and scale. This scope enables Saudi Aramco and its supply chain partners to meet their manufacturing and MRO requirements for offshore oil and gas rigs, offshore support vessels, and commercial vessels, including Very Large Crude Carriers (VLCC). The yard has an annual capacity to manufacture four offshore rigs, over 40 vessels including three VLCCs, and service over 260 maritime products.
“By meeting Saudi Aramco’s offshore production and transport needs, International Maritime Industries will serve our strategic intent to become the world’s foremost integrated energy and chemicals company,” said Abdallah I. Al-Saadan, Chairman of the JV’s Board of Managers and Saudi Aramco’s Senior Vice President of Finance, Strategy & Development.
Initial production and service operations are expected to commence in 2019, with the facility reaching its full operational capacity by 2022. This initiative will contribute towards localizing expertise related to the maritime industry and job creation in the Kingdom.
