The new company will remove Azerbaijan’s dependence on imports in the field of shipbuilding and modernise the Caspian Flotilla. The construction of this plant which is one of the major economic projects undertaken in Azerbaijan recently, demonstrates the economic power of the country and its leading position in all spheres.
SOCAR, Azerbaijan Investment Company (AIC) and Singapore's Keppel Offshore & Marine established a joint venture under the name of ‘Baku Shipyard’ to construct and develop the plant. According to the agreement signed by the founders on December 10, 2010, SOCAR, AIC and Keppel have a 65, 25 and 10 per cent stake respectively in the authorised capital of the plant.
The plant was built in the district of Garadagh, along the 25-kilometre Baku- Astara highway by the Neftqaztikinti Trust which is part of the State Oil Company in accordance with the conceptual project prepared jointly by Keppel, British Royal Haskoning and Norwegian TTS Handling System AS.
It was stressed that the plant is provided with equipment meeting the most modern requirements and manufactured in Finland, the Netherlands, Germany, the Czech Republic, the United Kingdom, the Republic of Korea and Singapore.
The company has already taken its first orders.
The new project is a DSS 38M semi-submersible drilling rig ordered by Caspian Drilling Company LTD. The pontoo