International Maritime Industries (IMI), the largest maritime yard in the Mena region, has signed a long-term agreement with JSA Loadmaster to enhance its efforts to localise its supply chain in Saudi Arabia.
The agreement will enable JSA Loadmaster, a joint venture between Jackup Structures Alliance (JSA) and Loadmaster Industries, to localise its rig product manufacturing in Saudi Arabia and boost its lifecycle and maintenance support.
Through the agreement with IMI, JSA Loadmaster is expected to contribute around SR750 million ($200 million) to the Saudi economy over the next eight years.
The company will produce rig rack and chord, as well as derricks and other engineered structural products in the kingdom, in line with the highest standards of sustainability and environmental excellence.
IMI, a joint venture between leading industry partners Aramco, Lamprell, Bahri and Hyundai Heavy Industries, will benefit from being able to source products for itself and its clients locally for rig manufacturing, reducing the cost of importing products from abroad. As part of the agreement, IMI will guarantee the ordering of rack and chord for four rigs, with an extension option of an additional two rigs.