Saudi Aramco shipyard venture appoints CEO

The 12-million square-metre facility will be the largest in the region, and has the capacity to build four offshore rigs and over 40 ships a year
Saudi Aramco and a number of partners have appointed Fathi K. Al Saleem as CEO of a joint venture to build a shipyard on Saudi Arabia’s east coast that will eventually grow to become the largest in the region, the company announced on Friday.
By Bernd Debusmann Jr
Sun 31 Dec 2017 08:49 AM

Saudi Aramco and a number of partners have appointed Fathi K. Al Saleem as CEO of a joint venture to build a shipyard on Saudi Arabia’s east coast that will eventually grow to become the largest in the region, the company announced on Friday.

A Saudi Aramco statement said that the company, International Maritime Industries (IMI), was launched in partnership Hyandai Heavy Industries Co, the National Shipping Company of Saudi Arabia and Lamprell Plc.

According to Saudi Aramco, Al-Saleem has over 23 years of experience at the company and IMI’s feasibility and commercial development sages. The statement noted that other senior executives were also appointed, but did not identify them.

The nearly 12 million square-metre facility will be the largest in the region, according to Saudi Aramco, and will allow the company and its supply chain partners to meet their manufacturing, maintenance and repaid requirements for offshore oil and gas rigs, as well as support and commercial vessels.

The yard has the capacity to manufacture four offshore rigs, and more than 40 vessels – including three Very Large Crude Carriers – each year.

“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,” said Abdullah I. Al-Saadan, chairman of the JV’s board of managers and Saudi Aramco’s senior vice president of finance, strategy and development.

Al-Saadan added that IMI already has orders for more than 20 rigs and 52 ships over the next ten years.

Initial production and service operations are expected to begin in 2019, with the facility expected to reach full capacity by 2022.

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Last Updated: Sun 31 Dec 2017 08:28 AM GST

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