Riyadh – Mubasher: International Maritime Industries (IMI) has joined forces with JSA Loadmaster through a long-term agreement to localise JSA Loadmaster’s supply chain in Saudi Arabia.
IMI, JSA Loadmaster will likely contribute nearly SAR 750 million ($200 million) to the Saudi economy over the coming eight years under this agreement, according to a press release on Wednesday.
JSA Loadmaster, a joint venture (JV) between Jackup Structures Alliance (JSA) and Loadmaster Industries, will localise its rig product manufacturing in the Kingdom and boost its lifecycle and maintenance support.
IMI, a JV between Aramco, Lamprell, Bahri, and Hyundai Heavy Industries, will be able to source products for itself and its clients locally in Saudi Arabia for rig manufacturing. Therefore, this will help in reducing the cost of importing products from abroad.
President and CEO of IMI, Fathi Al Saleem, said: “The agreement lays the foundation for the establishment of a local, cost-competitive manufacturing operation where all manufacturing and delivery activities occur in the same place.”
Al Saleem added, “It will also improve the efficiency, agility, and logistics of the manufacturing process overall; and create employment opportunities while adhering to the highest international standards of sustainability and environmental excellence.”
