Malta Shipyards busy

The Malta Shipyards has recently secured two contracts which will keep it fully occupied until the end of this year.

In the first contract, the yard won a $8.4 million job for the upgrading of the Ikdam. This vessel was converted into an FPSO from the 133,560 dwt tanker Northia in 2001 by the Malta Dry-docks. The 1971 built vessel will be now brought to Malta for further upgrading of facilities and the yard will be responsible for the design, construction and commissioning of the ship.

Earlier this year, the yard had secured a contract for the conversion of a heavy lift barge for a Dutch client valued in excess of $20 million. The work will include lengthening, fitting of propulsion equipment and fitting of the accommodation facilities. Work on this vessel will commence immediately with completion planned for the fourth quarter 2006. It is anticipated that works may lead to an additional contract.

Over the last three years Malta Shipyards has been successful in reducing reliance on the ship repair sector, moving into other areas of business that offer better commercial value. This diversification covers areas such as offshore repair (oil rigs), cruise ships, offshore construction and specialist conversion works.