IMI, Hyundai Heavy Industries Expanding Shipbuilding Partnership
International Maritime Industries (IMI), the largest shipyard in the MENA region, has expanded its partnership with Hyundai Heavy Industries (HHI) through a technical service agreement to further enhance its shipbuilding capabilities.
Under the agreement, HHI will provide technical assistance and consulting services in Very Large Crude Oil Carrier (VLCC) engineering to IMI, reflecting its commitment to supporting the development of IMI’s shipbuilding capabilities and engineering services since its launch in 2017.
The agreement was signed by Dr. Abdullah Al Ahmari, Chief Executive Officer of IMI, and Mr. Ohmin Ahn, Executive Vice President at HHI, at the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair, Saudi Arabia.
IMI and HHI initiated active dialogues for shipbuilding engineering collaboration in February 2018. Since then, an MoU between IMI, HHI, and Bahri for shipbuilding collaboration was signed in June 2019 and the term-sheet of the technical service agreement was signed in September 2019 in the run up to today's definitive agreement. Earlier this year, IMI expanded its partnership with HHI to enable the construction of naval vessels at its yard in Saudi Arabia.
IMI, a joint venture between leading industry partners Saudi Aramco, Bahri, Lamprell, and HHI, is the largest shipyard in the MENA region at nearly 12 million square meters. It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.