Arab Shipbuilding and Repair Yard Company (Asry), the leading ship and rig repair yard based in Bahrain, has signed a memorandum of a ‘permanent mutual co-operation’ with the Organisation of Islamic Ship Owners' Association (OISA).

Nils Kristian Berge, chief executive, commended the agreement, which will enhance co-operation between the yard and the member countries of OISA and, subsequently, navigation and shipping companies, said a report in the Gulf Daily News (GDN), our sister publication.

This will help Asry hold wider meetings with the owners of such companies and decision makers, reflecting positively on its future activities.

The memorandum will serve as a legal reference for potential bilateral agreements with member countries of OISA.

The memorandum of understanding (MoU) was signed on behalf of the company by Asry's ship repair general manager Magdy Sharkawy, and OISA executive committee chairman Mohammed Shawky Younis.

Sharkawy emphasised the importance of this memorandum for the future development of Asry, as it will open the way for attracting more business from various companies in the OISA member countries.

"The purpose of the MoU is to clearly identify and define the roles and responsibilities of each party as they work together towards achieving common objectives and goals," he added.

"It is also to initiate co-operation between the two parties, as well as to establish fruitful relationships with OISA members for the mutual benefit of the parties concerned."

He said that the MoU aims at developing a strategic plan for business co-operation with OISA member countries, especially in rig repair and shipbuilding.

It also aims to share both tangible and intangible resources to effect seamless exchange of information between both parties, resulting in efficient and solid business relations.

"Under the terms of the MoU, Asry will provide expertise and services for the docking and maintenance of OISA members' vessels," Sharkawy said.

"It will also support such vessels with priority high quality service in a timely cost-effective manner and to share the results of case studies and researches related to previous dockings with OISA members," he said.

"This can be beneficial to them in raising the technical standards and efficiency, which is of utmost importance in operating a cost-effective fleet," he added. - TradeArabia News Service