Contract signing intends to enable IMI to build its first VLCC for Bahri in South Korea providing IMI with world-class industry knowledge and experience International Maritime Industries (IMI) announced today they had signed a Vessel Purchase Agreement (VPA) with Bahri, a global leader in logistics and transportation and a subsequent sub-contract agreement with long-term partners Hyundai Heavy Industries, Co., Ltd. (HHI) to build one (1) 319,000 DWT Class Crude Oil Carrier with delivery expected in October 2021. Other agreements related to licensing, technical services and training were also signed with HHI to ensure capability building and knowledge transfer. This project award further strengthens the business relationship between IMI and its shareholders, as well as contributing to the development of a localized Maritime Industry supply chain infrastructure, technical expertise for Saudi Nationals, and a track record in shipbuilding. Bahri have issued IMI its first VLCC order, which IMI will sub-contract to HHI; at their world class facilities in Ulsan. "This sub-contract award provides many benefits for IMI, including transfer of knowledge from HHI to IMI, a mechanism to grant use of Intellectual Property (IP) to IMI, development plans for IMI employees to acquire new skills in shipbuilding and planning, as well as technical assistance," said Fathi K. Al-Saleem, IMI Chief Executive Officer. He added "This project award will also contribute to the long-term growth of this new industry in Saudi Arabia and will enable IMI to independently build VLCCs in Saudi Arabia to the highest international shipbuilding standards." Commenting on the project award, Abdullah Aldubaikhi, CEO of Bahri, said: "Bahri is committed to playing a pivotal role in transforming the Kingdom into an important regional and global logistics and transportation hub. Bahri has been exploring new horizons for industry cooperation to take its vision forward. This project award, which further strengthens our strong strategic relationship with IMI and HHI, signifies a major development in this direction; we are confident it will provide a boost to our ongoing efforts aimed at enhancing our offerings and bolstering our capabilities. We look forward to a fruitful collaboration that will immensely benefit our customers and shareholders." International Maritime Industries, located in The King Salman Complex for International 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. The first phase of production operations is 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. Photo: https://mma.prnewswire.com/media/997175/IMI.jpg Photo: https://mma.prnewswire.com/media/997176/IMI.jpg SOURCE: International Maritime Industries