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Saudi Aramco, Bahri, Lamprell and HHI launch International Maritime Industries shipyard jv

The joint venture between Saudi Aramco, Bahri, Lamprell and Hyundai Heavy Industries to build a $5.2bn mega-yard in Saudi Arabia has been officially launched.

The joint venture International Maritime Industries (IMI) will enable Saudi Aramco to source and manufacturer offshore rigs, oil tankers and offshore support vessels locally.

The 12m sq m IMI facility will be the largest shipyard in the Middle East and is expected to be fully operational in 2022. It will have the annual capacity to build four oils rigs, 40 vessels including three VLCCs, and service over 260 maritime assets. The yard already has orders for 20 oil rigs and 52 vessels, with Bahri and Saudi Aramco guaranteeing a baseload of work for the yard.

“By meeting Saudi Aramco’s offshore production and transport needs, International Maritime Industries will serve our strategic intent to become the world’s foremost integrated energy and chemicals company. Its combination of technology, supply chain efficiencies and lifecycle partnership will create a world-class company that offers customers a keen competitive advantage,” said Abdallah I. Al-Saadan, chairman of the jv’s board of managers and Saudi Aramco’s svp of finance, strategy & development.

Saudi Aramco senior executive Fathi K. Al-Saleem has been appointed as ceo of IMI bringing with him 23 years of experience.

Al-Saleem said, “International Maritime Industries is positioned to be a global competitor and a regional hub for maritime products and services. Through our combination of technology, integrated facilities and supply chain efficiencies, we are redefining what it means to partner with customers for maritime advancement.”

The yard facility, previously reported as a $5.2bn investment, is expected to start initial production and service operations in 2019 with full operations in 2022.

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