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IMI and GustoMSC Sign Jack-up Design License Agreement

DHAHRAN, Saudi Arabia, Oct. 16, 2019 /PRNewswire/ -- International Maritime Industries (IMI) announced today it had signed a License Agreement with GustoMSC, an NOV company. The agreement enables IMI to efficiently construct and deliver drilling rigs to its clients. The agreement entails a new GustoMSC drilling jack-up design which will utilize the modern manufacturing capabilities currently planned for at IMI. As a result of the agreement IMI will be fully prepared for its first production operations anticipated in 2021.

Left to right: Mr. Rutger Baan, (Commercial Director, GustoMSC B.V.) , Mr. Fathi Al Saleem, (CEO, International Maritime Industries.)

Commenting on the license agreement signing, Fathi K Al Saleem, CEO of IMI, said: "This is a major step for IMI in securing the required knowledge and getting the best rig design which will be tailored to our state of the art construction capabilities, ready for decades to come."

Nils van Nood, Managing Director of GustoMSC, adds: "IMI is an important part of the Saudi Vision 2030. Contributing to that vision is a great opportunity for us to serve key clients in Saudi Arabia and the region. As design company and supplier of dedicated capital equipment, we see an important partner in IMI."

GustoMSC, responsible for delivering the basic design, will tailor one of its well established CJ-series of drilling jack-ups. Combined with a focus on IMI's specific construction and installation capabilities overall rig construction time will be reduced. The design retains its key and field proven features such as the sturdy X-bracing leg design, the Rack & Pinion Jacking Systems and X-Y cantilever system. The IMI rig design is targeted to be a 'Fit For Purpose' solution that enables safe, efficient and reliable drilling for Saudi Arabia.

The full design development will kick-off in the coming weeks. GustoMSC acts as independent rig design company, enabling IMI and its clients to have an open approach to all major vendors that want to become part of the upcoming construction program. About one year ago ARO Drilling announced plans to order at least 20 drilling jack-ups for construction at IMI. It is anticipated that initial rig ordering will get finalized in the second half of 2020.

About IMI

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.

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