Saudi-led consortium launches Int'l Marine Industries Co.

RIYADH -- Saudi Aramco on Friday took in partners to launch a joint venture called the International Marine Industries Company.

The project, jointly launched with Lamprell PLC, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries ltd., will provide one of the world's largest maritime integrated service complexes.

It will be built over an area of 12 million sq m., thus becoming the largest project in the Middle East in terms of size and production, the Saudi Press Agency (SPA) reported.

Its designed production capacity amounts to four offshore drilling rigs, 40 ships - including three giant oil tankers, and more than 260 shipping products annually.

The new joint venture will localize important production and maintenance workshops in Saudi Aramco's logistic chain associated with offshore drilling and shipping.

The project will help reduce costs and time, and increase flexibility for the Dhahran-based Saudi Aramco and its partners. Abdallah I. Al-Saadan, Saudi Aramco's senior vice president and board chairman of the International Marine Industries Company, said the new company has already received ordered to build 20 drilling rigs and 52 vessels.

Eng. Al-Saadan noted that the production works and key service provision will start in 2019 and the project will reach its full capacity by 2022.