Global energy giant Saudi Aramco has signed a joint venture deal with UAE-based engineering firm
Lamprell, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries Company for the establishment, development and operation of a world-class maritime yard.

The yard will be the anchor project within the King Salman International Complex for Maritime Industries and Services located in Ras Al-Khair, near the Jubail Industrial City on the Kingdom’s east coast.

This strategic partnership among industry leading companies is positioned to capitalise on the rapidly-growing maritime requirements in the region by offering globally competitive, safe, high quality and on-time solutions to customers, said Aramco in a statement.

The integrated maritime yard will be the largest in the region in terms of production capacity and scale, providing an unprecedented mix of products and services in the region and enabling Saudi Aramco and its supply chain partners to meet their manufacturing, maintenance, repair and overhaul requirements for offshore oil and gas rigs, offshore support vessels, and commercial vessels, including the very large crude carriers (VLCC), it stated.

The new JV localises essential links of Saudi Aramco’s supply chain related to offshore drilling and shipping activities, which will lead to optimized cost, reduced response times and improved agility for Saudi Aramco and its affiliates.

According to Aramco, the new facility will be able to manufacture four offshore rigs, more than 40 vessels including three VLCCs, and service over 260 maritime products annually.

Major production operations are expected to commence in 2019 with the facility reaching its full production capacity by 2022.

This initiative will also contribute towards localizing expertise related to the maritime industry and job creation in the Kingdom, it added.-TradeArabia News Service