Partnership deal for offshore yard

Marine Works Co Ltd has signed a partnership with the Authority of King Abdulaziz Port in Damman to build the shipyard at a cost of $80 million. Intended for the fabrication of oil and gas platforms, the facility will have an initial capacity in line with the requirements of Saudi Arabia and the GCC countries for the development of oil and gas programmes.

Conveniently located within a sheltered area of the port and with deep water access, the yard will be equipped with new workshops, equipment and related infrastructure in line with the best industry standards. The facility will be operated by a newly-created entity between Marine Works and the oil and gas contractor Saipem. As partners in the newly-formed group, Saipem is one of the world leaders in the Offshore Engineering and Construction sector and will provide a comprehensive range of services to the group including design, construction and installation of offshore structures and sea lines.

The decision to establish this major Saudi Arabian offshore construction facility was taken more than one year ago to provide facilities within Saudi Arabia that have not previously existed. Work on the construction and development of the new facility will commence immediately and the initial geotechnical investigation is already completed.

It is anticipated that this facility will be ready for initial operations by June 2007 and fully operational before the end of the year.