Singapore-based shibuilding and repair firm Keppel Offshore & Marine (KOM) has opened a new shipyard in the Baku region of Azerbaijan.
Developed in partnership with State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC), the Baku Shipyard is designed to build a wide range of specialised vessels and merchant ships. These include subsea vessels, anchor handling tug / supply vessels and multi-purpose offshore support vessels such as platform supply vessels, as well as tankers and cargo vessels. The 62ha yard also has ship repair and conversion capabilities.
Phase one construction was completed with an investment of $470m. At full capacity, the shipyard will be able to take up around 100 repairs and conversions a year and is expected to achieve an average annual steel output of 25,000t. Under phase two, the yard will add a graving dock and new facilities for offshore projects.
The yard has already won two contracts worth a total of $50m to build a 50t bollard pull azimuth stern drive tug and a set of pontoons for a semisubmersible in partnership with Caspian Shipyard Company (CSC), a joint venture between KOM and SOCAR.
KOM CEO Tong Chong Heong said that the new yard reinforces the company’s strategy and will unlock synergy in its Caspian operations.
"We are hence confident that our enhanced presence in Azerbaijan will place us in good position to capture more growth opportunities and contribute significantly to the region’s energy sector," Heong said.
SOCAR president Rovnag Abdullayev said that with the strong growth potential in Azerbaijan’s oil and gas sector, SOCAR believes Baku Shipyard is well placed to support this growth and contribute to the country’s economic development.
"As a leading global offshore and marine group, Keppel O&M will bring its invaluable experience to Baku Shipyard, and we are confident that our combined strength will propel the facility into an internationally recognised centre of excellence in shipbuilding, repair and conversion," Abdullayev said.
The Baku Shipyard is 10% owned by KOM, 65% by SOCAR and 25% by AIC. It will be managed and operated by KOM.