Keppel, Socar, Lukoil JV yard files for liquidation

Azerbaijan’s Caspian Shipyard Company (CSC), a joint venture between Keppel, Socar, and Lukoil, has filed for liquidation.

The company was established in Baku in 1997, through a partnership between Singapore’s rig building specialist Keppel Fels, Azeri national oil company Socar, and Russia’s largest independent oil company Lukoil.

Keppel said on Friday that Caspian Shipyard Company had started „a members’ voluntary liquidation following the expiration of the establishment agreement dated 26 August 1997.”

Under the 1997 agreement, Keppel via its subsidiary AzerFels held 75%,Socar 20%, and Lukoil 20% stake in the shipyard.

The shipyard was formed to build and maintain various types of vessels and installations for the country’s offshore oil and gas industry.

Over the years, CSC constructed first in-country-built semisubmersible rig (Heydar Aliyev), jack-up rig (Transocean’s Gurtulush), and ice-class Floating Storage and Offloading vessel (Lukoil’s Yuri Korchargin).

Offshore Energy Today has reached out to Caspian Shipyard company, seeking more info on the liquidation.

We will update the article if we receive a response.

Offshore Energy Today Staff