IMI Joint venture

Oil & Gas

IMI joint venture

International Maritime Industries

In 2017 Lamprell signed a joint venture agreement with Saudi Aramco, national shipping carrier Bahri and Hyundai Heavy Industries to establish and operate a maritime yard in the Kingdom of Saudi Arabia. The yard, officially branded as International Maritime Industries (IMI), will provide a broad range of services to the oil & gas and maritime industries, with the primary focus being the construction and maintenance, repair and overhaul (MRO) of offshore rigs, commercial vessels and offshore service vessels. When complete, IMI will be the largest full-service maritime facility in MENA.

The yard is part of a development known as ‘The King Salman International Complex for Maritime Industries & Services’. Lamprell has two representatives on the IMI Board.

Awards

In 2020 Lamprell received two awards from IMI, the first for the fabrication and delivery of two jackup drilling units which are being built collaboratively between IMI and Lamprell and the second, an engineering contract to design two further jackup rigs. These awards demonstrate IMI and Lamprell’s commitment to support Saudi Aramco’s fleet expansion over the next decade.

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The yard

The yard will comprise of four main production zones – A, B, C and D. Lamprell has been chosen to be a technical partner for zones A and D, and so our team will have a key ongoing role in developing the yard’s capabilities. Zone A will be used to provide MRO services for jackup drilling rigs and vessels, whereas zone D will be used for the construction of new build jackup drilling rigs.

Saudi vision 2030

The IMI yard is also a cornerstone project of the Vision 2030 programme which is being driven by the Government of the Kingdom of Saudi Arabia to stimulate its economy and diversify its revenues. Lamprell’s investment in the yard in Saudi Arabia demonstrates its commitment to support the country and this programme.

Our IMI venture has a strong focus on training, and Lamprell currently has a number of IMI Saudi apprentices training with us and working alongside our supervisors in our UAE facilities. This development programme is aimed at knowledge sharing and talent development of the IMI workforce, which is a key component of our investment in the joint venture and in line with Vision 2030.

Commitment to local investment

Saudi Arabia is core to our growth strategy, and we continue to pursue multiple opportunities to gain a stronger foothold and build capabilities in the country. Lamprell Saudi Arabia, which includes our local partners, will help support our local content development in terms of both resource and the broader supply chain.