Key Points
- Fortifying its presence in the Caspian Region, Keppel Offshore & Marine Limited (Keppel O&M) joins hands with State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC) to develop and manage a new 52-ha shipbuilding and shiprepair facility in Baku, Azerbaijan.
- Shipyard will be developed over a period of two to three years with an investment of US$386 million.
- The joint venture agreement will be signed with Keppel O&M taking a 10% share of the yard, and SOCAR and AIC the other 65% and 25% respectively.
- Keppel O&M will be responsible for the management and operation of the yard.
- Keppel O&M will have the option to acquire another 10% stake in the next three years.
- The new yard is designed to undertake construction of a variety of vessels ranging from offshore support vessels to tankers, as well as ship repair and conversion.
- Spanning a 1,630-metre waterfront, the yard, when completed, will be able to undertake 80 to 100 repairs and conversions per annum and is estimated to achieve an average annual steel throughput of 25,000 tons when operating at full capacity.
- When fully operational, our new yard will create employment opportunities for some 2,000 people.
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