DHAHRAN, Nepal, June 29, 2019 /PRNewswire/ -- International Maritime Industries (IMI) announced today they had signed a Memorandum of Understanding (MOU) with Hyundai Heavy Industries, Co., Ltd. (HHI) to cooperate with each other for the mutual development of potential commercial relations, and to consider entering into a binding agreement for HHI to enable IMI in building Special & Naval Vessels.
L-R: Mr. Amin H. Nasser, President and Chief Executive Officer, Saudi Aramco; Mr. Sang Hoon Nam, COO, Naval & Special Shipbuilding Business Unit, Hyundai Heavy Industries; Mr. Fathi K. Al-Saleem, Chief Executive Officer, IMI; Mr. Kisun Chung, SEVP, Hyundai Heavy Industries Group
"As we build a new maritime industry in Saudi Arabia, it is important we leverage our partnership with a world-class shipbuilder such as HHI," said Fathi K. Al-Saleem, Chief Executive Officer of IMI. "This agreement has the potential to expand IMI's product offering into a new market segment. Additionally, the potential knowledge transfer through the training of IMI's Saudi team members at HHI facilitates assists us in creating new career opportunities in the Kingdom and will enable IMI to independently manufacture and service Naval vessels at Ras Al-Khair in the future."
The MOU between IMI and HHI facilitates the exchange of information and involvement in relevant Naval vessel research and development updates, and localizing engine manufacturing for naval ships in the Kingdom of Saudi Arabia.
Maritime Industries & Services at Ras Al-Khair, Saudi Arabia will be the largest, full service maritime facility in MENA. When building is complete, the annual capacity of the facility will be four (4) new build offshore rigs and over 43 new build vessels including VLCCs, in addition to servicing more than 260 maritime products. Major production operations are expected to commence toward the end of 2020 with the facility reaching its full production capacity by 2022. International Maritime Industries is a joint venture between Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries.