Saudi maritime yard commits to LJ43 design for first jackups
Lamprell says that all conditions have been fulfilled for International Maritime Industries Co. to start commercial operations.
This is a joint venture between the fabricator and Saudi Aramco, the National Shipping Company of Saudi Arabia, and Hyundai Heavy Industries for the establishment of a maritime yard at the Ras Al Khair site in eastern Saudi Arabia.
Construction at the site is under way with dredging and associated activities. The partners have made progress in creating the business infrastructure, including the management organization, the internal governance structure, and the detailed business plan.
This follows each partner’s initial capital contribution in accordance with their pro rata share: Lamprell’s first tranche, $20 million, will help pay initial start-up costs of the business including staff hire and long lead item procurement.
Throughout the site’s construction period the company expects to contribute up to $140 million.
Pursuant to one of the offtake agreements,ARO Drilling will order 20 jackup rigs from the IMI yard over the next decade.
Prior to the jackup rig construction zone at the yard becoming operational, Lamprell expects significant component parts of the first two rigs to be subcontracted to its UAE facilities.
Recently, ARO Drilling and the JV partners selected the LJ43 rig design developed by Lamprell and GustoMSC.
The rig combines GustoMSC’s leg design with a hull and living quarters developed by Lamprell. It includes various features such as a new type of BOP handling system and enhanced skidding provided by an X-Y cantilever.