Offshore shipyard Lamprell in the Middle East is seeing a steady stream of refurbishment work pointing to a positive trend in the offshore rig market.
Making its debut at Posidonia last week was the new International Maritime Industries (IMI) $5.2bn mega-yard at Ras Al Khair on the Gulf coast of Saudi Arabia, 70% jointly owned by Saudi Aramco (50.1%) and its most important tonnage provider Bahri (19.9%), the remainder belonging to UAE-based rig builder Lamprell (20%) and shipbuilder Hyundai Heavy Industries (HHI) (10%) of Korea.
Singapore shipyard owner Keppel Corp says it seeing pockets of opportunity in offshore but sustained recovery will take time.
Abu Dhabi Ship Building PJSC (ADSB) has reported net profit up by 70% to AED104.8m ($28.5m) for the 2017 financial year ending in December, representing its second-best performance ever. Gross profit for the year rose from AED256.1m ($69.7m) in 2016 to AED 277.1m ($75.4m).