The total contract value is over $3bn, which is the largest cash settlement project PowerChina has received. The overall marine project will see Saudi Arabia to become a top shipbuilder globally with the International Maritime Industries (IMI) joint venture 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.
The King Salman International Complex for Maritime Industries and Services is part of Saudi Arabian’s National Industrial Strategy to focus on economic diversification. The complex locates at the Arabian Gulf costal area of East Saudi Arabian, covering an area of 4.5km by 2.5km. The facility will be capable of building four offshore drilling platforms and 40 plus vessels annually, including three VLCCs.
The construction contracts signed with Power China include shipbuilding/ship repair yards and offshore oil platform. The project will be able to provide engineering, manufacture and repair services to drilling platform, commercial vessels and offshore engineering upon the completion. SEPCO Electric Power Construction Corporation (SEPCO), a wholly-owned subsidiary of PowerChina, will be the general contractor for the project.
PowerChina is an integrated construction group that provides investment and financing, planning design, engineering construction, equipment manufacturing and operation management for hydraulic and hydropower projects and infrastructure. The company has aparticipated in drafting and revising over 500 items of China’s national and industrial standards.