Keppel Corporation said it will develop a 52ha shipbuilding and repair facility, in Baku, Azerbaijan.

The $386m shipyard, at the east-west energy corridor of the Caspian Sea, will be built by the company’s subsidiary, Keppel Offshore & Marine, Keppel said.

The yard, a joint venture involving State Oil Company of Azerbaijan Republic and Azerbaijan Investment Company, is expected to handle between 80 and 100 repairs and conversions a year.

Once complete, the shipyard will produce an average annual steel throughput of 25,000t, the company said.