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Bahri IMM HHI signing

Bahri commits to first VLCC order at IMI

Bahri has signed a Memorandum of Understanding (MoU) to build its first VLCC at the International Maritime Industries yard in Saudi Arabia.

The MoU signed with IMI and Hyundai Heavy Industries (HHI), one of the partners in IMI, sees Bahri committing the new mega-shipyard its first order before the end of July.

Once the order is placed IMI will engage HHI as a sub-contractor to build the VLCC at its yard in South Korea with the Korean shipbuilder in turn helping facilitate the transfer of knowledge enabling IMI to independently build VLCCs to international shipbuilding standards in Saudi Arabia.

Saudi-based IMI is a joint venture between Saudi Aramco, Bahri, Lamprell, and Hyundai Heavy Industries.

Abdullah Aldubaikhi, ceo of Bahri said: “This agreement, which further strengthens our strong strategic relationship with IMI and HHI, signifies a major development in this direction, and we are confident it will provide a boost to our ongoing efforts aimed at enhancing our offerings and bolstering our capabilities.”

Bahri owns a fleet of 45 VLCCs and plans to place future newbuilding orders at IMI.

Read more: Bahri completes VLCC newbuilding programme

Fathi K. Al-Saleem, ceo of IMI, said: “This agreement further strengthens the business relationship between IMI and its shareholders, as well as contributing to the development of a localized maritime industry supply chain infrastructure, technical expertise for Saudi nationals, and a track record in shipbuilding.”

IMI has a capacity to manufacture four offshore rigs, over 40 vessels including three VLCCs, and service over 260 maritime products on an annual basis.

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