Saudi Arabian shipping company Bahri has signed a Memorandum of Understanding for the construction of the first VLCCs at the new King Salman Complex for International Maritime Industries (IMI) and Services at Ras Al-Khair, Saudi Arabia. Under part of the MoU, Bahri has committed to placing the order before the end of July 2019. IMI will then Hyundai Heavy Industries as … [Read more...]
Construction Begins on Saudi Arabia’s Massive Persian Gulf Maritime Yard
DUBAI, March 16 (Reuters) - Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the … [Read more...]
Saudi Aramco Awards First Major Contract for $5 Billion Maritime Yard in Gulf
Saudi Aramco has signed the first major contract for Saudi Arabia's $5.2 billion maritime and shipbuilding complex planned for the Persian Gulf. The contract was awarded to a consortium of Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company for dredging, reclamation and marine structures for the King Salman International Complex for Maritime Industries and … [Read more...]
Saudi Aramco Signs Deals to Build Persian Gulf’s Biggest Shipyard
By Reem Shamseddine KHOBAR, Saudi Arabia, May 31 (Reuters) - Saudi Aramco plans to build the Gulf's largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy's reliance on oil. Low oil prices have drastically slowed Saudi Arabia's economy so it is trying to create manufacturing … [Read more...]
McDermott to Open Manufacturing Facility at New Saudi Shipbuilding Complex
By Reem Shamseddine MANAMA, March 8 (Reuters) - U.S. oilfield services and equipment provider McDermott International said on Wednesday it would build a fabrication yard at a shipbuilding complex planned by national oil giant Saudi Aramco on the kingdom's east coast. The two companies signed a memorandum of understanding for the first major manufacturing investment in the … [Read more...]