Project Profile
Location: Ras al-Khair, 100 km north of Jubail, Eastern Province
Value: US$5.2 billion
Area: 4.3 square km
Saudi Aramco is developing the King Salman International Complex for Maritime Industries and Services. Located in Ras Al-Khair near the Jubail Industrial City on the Kingdom’s east coast, it will be the largest maritime industries complex in the Kingdom and the whole region in terms of production capacity and scale.
It will be dedicated to the construction and repair of vessels and offshore drilling platforms in Ras Al-Khair.
Aramco will be the majority shareholder with 50.1%, Lamprell will hold 20%, Bahri will own 19.1% and HHI will take 10%. The yard is envisaged becoming partially operational in 2019 and being completed by 2022.
It set out the financial and technical rights and commitments of each party in the JV for “the establishment, development and operation of a maritime yard for the construction, maintenance and repair of offshore drilling rigs and vessels” at Ras al-Khair, around 100 km north of Jubail in the Eastern Province.
Total costs are estimated at US$5.2 billion – with the government providing the US$3.5 billion required to prepare the 4.3-square-km site and install shared infrastructure.
A tender was floated last year by Aramco in advance of the JV’s formation covering the first phase of dredging and reclamation work.
Operator:
Hyundai Heavy Industries (HHI)
Saudi Aramco (Saudi Arabia)
Lamprell
National Shipping Company of Saudi Arabia (Bahri)
Contractors:
Consortium of Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company: Dredging deal