Saudi yard IMI inks agreements worth $350m to enhance operations
International Maritime Industries (IMI), which claims to be the largest shipyard in the MENA region, has signed 10 agreements worth up to $350m during this year’s In-Kingdom Total Value Add (IKTVA) 2023 programme, according to Seatrade.
Six of the agreements were signed with ESAB, Gulf Cryo, Euroblast, Acceleron, and ElectroMech, and focus on enhancing IMI’s business operations in shipbuilding, ship repair, and marine engineering.
“The remaining agreements were signed with leading Saudi training institutions and academies including the National Industrial Training Institute (NITI), Saudi Petroleum Services Polytechnic (SPSP), National Maritime Academy (NMA), and National Power Academy (NPA), to support, enhance, and further expand IMI’s apprenticeship programme,” IMI said.
IKTVA is an annual event hosted by oil giant Saudi Aramco that aims to promote the development of local content in Saudi Arabia, in particular through liaising with the global maritime sector.
The program provides young Saudi industrial workers with associate degrees in various trades as well as hands-on training. So far, 1,830 have enrolled, with 1,281 having graduated and moved into roles at IMI.
“These agreements reflect IMI's commitment to driving the growth of the Saudi maritime industry and contributing to the Kingdom’s localisation goals,” Dr. Abdullah Al Ahmari, CEO of IMI, said.
“By partnering with leading companies and training institutions we are actively expanding our capabilities and service offering to establish IMI as a Saudi maritime leader and key contributor to Vision 2030.”
IMI is a joint venture between Saudi Aramco, the National Shipping Company of Saudi Arabia (Bahri), Lamprell, and Hyundai Heavy Industries. With a complex at nearly 12m square meters in size, it provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, bulk carriers, offshore support vessels, and offshore jack up rigs.
IMI’s full-service yard expects to be capable of building four new offshore rigs and more than 43 vessels, including VLCCs, per year, as well as providing maintenance, repair and overhaul (MRO) services for more than 260 maritime products.
Last year, Al Ahmari told Seatrade Maritime News he expected the yard to become fully operational at the end of this year. Doubts over the ability of Lamprell to continue in its existing form led it to announce a fire sale last summer, which could jeopardise its participation in the IMI joint venture.
