BAKU, Azerbaijan – Keppel Offshore & Marine (Keppel O&M), SOCAR, and Azerbaijan Investment Co. (AIC) have inaugurated a new offshore construction yard on the western Caspian Sea coast.
The 62-ha (153-acre)Baku Shipyard is designed to build subsea vessels, anchor handling tug/supply vessels, and multi-purpose offshore support ships such as platform supply vessels, as well as tankers and cargo vessels. It also has ship repair and conversion capabilities.
This is Keppel O&M’s second construction venture in Azerbaijan after Caspian Shipyard Co. (CSC), its joint venture with SOCAR which has operated since 1997.
Keppel has a 10% share in the new yard, while SOCAR and AIC own the remaining 65% and 25%, respectively. But Keppel O&M will be responsible for management and operation of the yard.
Phase 1 development called for a $470-million investment. At full capacity, the yard could perform up to 100 repairs and conversions each year, with average annual steel output of 25,000 tons. Phase 2 plans include the construction of a graving dock with further facilities for offshore projects.
The yard already has two contracts with a combined value of $50 million in total. One involves constructing a 50-metric ton (55-ton) bollard pull azimuth stern drive tug and one set of pontoons for a semisubmersible, in association with CSC.