State oil giant Saudi Aramco has joined hands with UAE-based Lamprell, the National Shipping Company of Saudi Arabia (Bahri) and Korea’s Hyundai Heavy Industries to launch their International Maritime Industries (IMI) joint venture.

The new company is the anchor project within the King Salman International Complex for Maritime Industries and Services at Ras Al Khair.

When fully operational in 2022, this integrated maritime yard will be one of the largest full-service maritime facility, said a statement from Saudi Aramco.

This new joint venture localises essential links for 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.

The nearly 12 million sq m facility will be the largest in the region in terms of production capacity and scale offering an unprecedented mix of products and services. 

This scope enables Saudi Aramco and its supply chain partners to meet their manufacturing and MRO requirements for offshore oil and gas rigs, offshore support vessels, and commercial vessels, including Very Large Crude Carriers (VLCC). The yard has an annual capacity to manufacture four offshore rigs, over 40 vessels including three VLCCs, and service over 260 maritime products.

“By meeting Saudi Aramco’s offshore production and transport needs, International Maritime Industries will serve our strategic intent to become the world’s foremost integrated energy and chemicals company,” remarked Abdullah I Al Saadan, the chairman of the JV’s board of managers and Saudi Aramco’s senior VP of Finance, Strategy & Development.

“Its combination of technology, supply chain efficiencies and lifecycle partnership will create a world-class company that offers customers a keen competitive advantage,” he said.

“What is unique about IMI is the powerful synergy of manufacturing and operational excellence delivered by four established global and regional entities in the energy and maritime industries,” he stated.

International Maritime Industries already has orders for more than 20 rigs and 52 ships over the next decade, demonstrating the trust of the JV partners in the Company’s ability to produce quality, bespoke ships and rigs in line with national and global environmental requirements.

“This enables building an integrated supply chain that is localized and highly responsive,” said Al Saadan.

 NEW CEO

Meanwhile, the formal appointment of Fathi K Al Saleem as the new chief executive of International Maritime Industries was also announced besides other senior executives.

An industry veteran, Al Saleem has more than 23 years’ experience at Saudi Aramco and also led the feasibility and commercial development stages of International Maritime Industries.

He has managed high performing teams in New Business Development, Corporate Planning and Engineering Services. During his career, he has led the Corporate Portfolio Analysis & Decision Support function responsible for corporate decision support, enterprise risk management and portfolio analysis.