By Amina Nazarli
Baku Shipyard LLC, the most modern shipbuilding and ship-repair facility in the Caspian Sea, has received an order worth $ 378 million to build a Subsea Construction Vessel - "Khankendi".
This was announced by Economy Minister Shahin Mustafayev at the board meeting of the Ministry.
Baku Shipyard secured a contract from BP Exploration, the operator of the Shah Deniz gas field development, to design and build a vessel, which is expected to be deployed for the Stage 2 development of the Shah Deniz field, which lies some 70 kilometres offshore in the Azerbaijan sector of the Caspian Sea.
The vessel is expected to be completed in April 2017.
Reminding that Baku Shipyard is one of the major shareholders of Azerbaijan Investment Company, the minister said it uses advanced technology meeting the latest standards. Currently, the plant is engaged in building of submarine and three passenger ships.
"Until now, Azerbaijan Investment Company has been involved in projects in the field of production of building materials, shipbuilding, production and processing of agricultural products, logistics and other fields, a total value of which is $1.1 billion,” he said
Founded in 2011 by Azerbaijan’s oil company SOCAR owning 65 percent of its shares, Azerbaijan Investment Company owning 25 percent and Keppel Offshore Marine holding 10 percent, Baku Shipyard is strengthening the economic and industrial potential of Azerbaijan.
Baku Shipyard is capable of constructing various vessels ranging from offshore support vessels, general cargo vessels, tug boats, crane vessels, specialized vessels and passengers vessels to tankers.
The yard has a capacity to produce 25,000 tons throughput per annum of steel works for new buildings and able to undertake 80 -100 vessels repairs and conversion of various types.