Conclusion of the joint venture agreement is subject to approval by the Boards of Directors of NAKILAT and Keppel O&M.
Faisal Al-Suwaidi, Vice Chairman of NAKILAT, said: "The new facility will be designed and constructed in accordance with best international practice, and suitable for the repair and maintenance of very large LNG carriers and a wide range of other vessels; the conversion of tankers to Floating Production Storage & Offloading and Floating Storage & Offloading systems, and the construction of specialized small ships, such as offshore supply vessels."
The Yard will also be suitable, with some additional investment, for the fabrication of structures for the offshore oil and gas industry (such as jackup drilling rigs, process modules and decks, jackets, wellhead decks, flare booms, etc.), and the fabrication of components for land-based petrochemical and industrial plant. Additionally, the facility will provide life-cycle support in all the markets it serves.
Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel O&M, said: "For some time, we have been servicing LNG carriers for Qatar. We are pleased to deepen our relationship and partner with NAKILAT in this significant new venture, which is in line with our "near market, near customer" strategy."
Planning of the new Yard is already well advanced, and completion of the first phase of development is scheduled for Q4 of 2009.
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