Big Reveal of New Saudi Arabian JV Yard at Posidonia 2018
- Business & Finance
Saudi Arabia’s state oil company Saudi Aramco, and its partners Lamprell, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries (HHI), have chosen Posidonia 2018 for the global unveiling of their International Maritime Industries (IMI) joint venture.
When the yard is fully operational in 2022, IMI will offer new build and maintenance, repair and overhaul of vessels, including very large crude carriers (VLCCs) and offshore rigs.
The nearly 12 million-square-meter facility to be situated in Ras Al Khair in eastern Saudi Arabia will be the largest in the region in terms of production capacity and scale, and will be able to manufacture over 40 vessels, as indicated by Saudi Aramco.
This scope is expected to enable 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 crude carriers.
The yard already has orders for more than 20 rigs and 52 ships over the next decade.
“We have chosen to participate at Posidonia 2018 to showcase International Maritime Industries’ position as a global competitor and regional hub for maritime industries and services. Given our geographic location and our proximity to strategic shipping routes, IMI is well positioned to be the partner of choice for newbuild ships and rigs, as well as maintenance, repair and overhaul services,” Fathi K. Al-Saleem, CEO of IMI, said.
IMI will be joining over 1,850 companies from a wide range of maritime industry sectors currently preparing and planning their participation at the June 4-8 event to be held at the Athens Metropolitan Expo across an exhibitor floor space spanning 40,000 sqm.
Organisers expect to welcome over 22,000 shipping executives and government delegation members during the five days of the event, including a strong presence of the Greek shipowning community.