A New Shipyard Opens in Azerbaijan

Marinelink.com
Friday, September 20, 2013
Photo: www.socar.az

President of Azerbaijan, H.E. Ilham Aliyev, graces the official opening of new Baku Shipyard
 


A new shipbuilding yard that is jointly developed by Keppel Offshore & Marine Ltd (Keppel O&M), State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC) was officially opened this morning by President of Azerbaijan, H.E. Ilham Aliyev. Singapore's Senior Minister of State for Trade and Industry, Mr Lee Yi Shyan, also attended the inauguration ceremony of the new yard.
 


Named Baku Shipyard LLC (Baku Shipyard), the new 62-ha yard in Baku, Azerbaijan, is designed to undertake the construction of a wide range of specialised vessels and merchant ships including subsea vessels, anchor handling tug/supply vessels and multi-purpose offshore support vessels such as platform supply vessels, as well as tankers and cargo vessels. The yard also has ship repair and conversion capabilities.



Baku Shipyard adds to Keppel's existing footprint in Azerbaijan where it has been operating the Caspian Shipyard Company (CSC), also a joint venture between Keppel O&M and SOCAR, since 1997.



Keppel O&M currently has 10% share in the new yard, while SOCAR and AIC own the remaining 65% and 25% respectively. Keppel O&M will be responsible for the management and operation of the yard.



Phase 1 of the yard was built at an estimated cost of US$470 million. When operating at full capacity, it is able to undertake up to 100 repairs and conversions per annum and is estimated to achieve an average annual steel output of 25,000 tons. Plans for Phase 2 include the construction of a graving dock with added facilities for offshore projects.



The yard is already in discussions on several potential new projects ahead of its opening, and has received two contracts worth about US$50 million in total - to construct one unit of 50-tonne bollard pull azimuth stern drive tug and one set of pontoons for a semisubmersible in conjunction with CSC.



Mr Tong Chong Heong, CEO of Keppel O&M, said, "The inauguration of Baku Shipyard signals the opening of a new and additional chapter in the long-standing partnership between SOCAR and Keppel O&M. Our participation in the yard demonstrates our commitment to be a long-term solutions provider for Azerbaijan.



"From our years of cooperation with SOCAR in CSC, we have accumulated a rich reservoir of technical know-how as well as meaningful market insights and networks to operate a first-class shipyard. SOCAR and Keppel O&M will continue to leverage our collective strengths to achieve new successes through our partnership in the Baku Shipyard.



"In this regard, Baku Shipyard will also build upon CSC's experiences, and at the same time support CSC in its construction activities. The new yard reinforces Keppel O&M's Near Market, Near Customer strategy and enables us to unlock synergy in our Caspian operations. We are hence confident that our enhanced presence in Azerbaijan will place us in good position to capture more growth opportunities and contribute significantly to the region's energy sector."



Mr Rovnag Abdullayev, President of SOCAR, said, "We are very happy that our partnership with Keppel O&M has once again borne fruit with the successful opening of Baku Shipyard. With the strong growth potential in Azerbaijan's oil and gas sector, we believe that Baku Shipyard is well placed to support this growth and contribute to the country's economic development.



"As a leading global offshore and marine group, Keppel O&M will bring its invaluable experience to Baku Shipyard, and we are confident that our combined strength will propel the facility into an internationally recognised centre of excellence in shipbuilding, repair and conversion."



Following the inauguration of the Baku Shipyard, President of Azerbaijan, H.E. Ilham Aliyev named a new floating drydock at the yard. He also officiated at a strike steel ceremony for the semisubmersible drilling rig that is being built by CSC for a subsidiary of SOCAR, Caspian Drilling Company Ltd. Built to Keppel's proprietary design, DSSTM38M, the rig is expected to be completed in 4Q 2016.



The above mentioned joint venture and contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

2 Americans Rescued North of Cuba

A Coast Guard MH-60 helicopter crew rescued two American sailors whose vessel ran aground approximately 25 miles north of Gibara, Cuba, Friday. Watchstanders

Shell CEO Backs Fossil Fuels, Climate Change Warnings

The world's fossil fuel reserves cannot be burned unless some way is found to capture their carbon emissions, Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden said on Friday.

Severe Flooding Cuts Off Lone Road to Alaska's Oilfield

Alaska's lone road to North Slope oil field operations remains closed for the third time in two months while emergency crews continue to redirect flooding from an adjacent river,

Shipbuilding

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

ERMA Bullish on Ballast Water Treatment

After having delivered several BWTS systems in Kita Nihon shipyard in Japan, one more ERMA FIRST BWTS was successfully installed onboard the Bulk Carrier M/V SCARABÉ(DWT: 60,

USS Freedom (LCS 1) Completes Rough Water Trials

The littoral combat ship USS Freedom (LCS 1) completed Seakeeping and Structural Loads Trials, commonly referred to as Rough Water Trials (RWT) in late March the Navy reported May 21.

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1799 sec (6 req/sec)