22 September 2013, News Wires – A new Azerbaijani shipyard was opened Friday by President of Azerbaijan H.E. Ilham Aliyev. Singapore-based rig and ship constructor Keppel Offshore & Marine reported that Singaporean Senior Minister of State for Trade and Industry Lee Yi Shyan also attended the inauguration ceremony at Baku, Azerbaijan.
Named “Baku Shipyard”, Keppel said the new 62-hectare yard is designed to undertake the construction of a wide range of specialised vessels and merchant ships. These will include subsea vessels, anchor-handling tug/supply vessels and multi-purpose offshore support vessels such as platform supply vessels, as well as tankers and cargo vessels. The yard also has ship repair and conversion capabilities.
The yard is 10 percent-owned by Keppel O&M, while SOCAR (State Oil Company of Azerbaijan Republic) and Azerbaijan Investment Company own 65-percent and 25-percent respectively.
Keppel O&M Tong Chong Heong commented in a company statement: “The inauguration of Baku Shipyard signals the opening of a new and additional chapter in the long-standing partnership between SOCAR and Keppel O&M. Our participation in the yard demonstrates our commitment to be a long-term solutions provider for Azerbaijan.”