Mid East ship repair demand spurs growth

The Middle East will require 130 floating production systems over the next five years spurring huge growth in regional shipyards and offshore repair facilities, according to a leading industry expert. Addressing the Seatrade Middle East Maritime (SMEM) conference at the Dubai World Trade Centre, Geoff Taylor, Chief Executive Officer, Dubai Drydocks said the number of well qualified yards in the Middle East has increased investor confidence for new shipyards and Floating Production, Supply and Offshore (FPSO) conversion facilities.

Taylor said existing regional shipyards have all the ingredients for effective FPSO conversion. “With large graving docks, heavy availability, an efficient transport network and a full order book until 2010, 60% of the predicted 130 floating production systems will be FPSOs. “The Middle East repairs 60% of the world?s VLCC / ULCC fleet and is also a major hub for LNG repairs. Dredging work has brought a large proportion of the world?s dredger fleet to this region,” explained Taylor. “Over 2,000 vessels are docked or repaired in the Middle East annually.”

Major shipyards currently under construction and expansion are in Ras Laffan, Qatar; Sohar, Oman; Bandar Abbas in Iran; Arab Ship Repair Yard, Bahrain; Dubai Maritime City; and Dubai Drydocks. Offshore repair facilities are owned by Adyard, Lamprell, MIS, Global Process Systems, QGM Energy and Al Shabia Marine & Eng Co.