Signing Ceremony for a Land Lease Agreement Between the Authority of the King Abdulaziz Port in Dammam and TAQA Al Rushaid for Marine Works
Taqa Al Rushaid for Marine Works Co. Ltd. announces the signature on February 14, 2007 of a unique partnership with the Authority of the King Abdulaziz Port in Dammam for the development, within the port, of a best-in-class Offshore Construction and Fabrication yard. Intended for the fabrication of oil and gas platforms, the facility will have an initial capacity in line with the requirements of Saudi Arabia and the GCC countries for the development of oil and gas programs.
Conveniently located within a sheltered area of the port and with deep water access, the yard will be equipped with new workshops, equipment and related infrastructure in line with the best industry standards. The facility will be operated by a newly created entity between Taqa Al Rushaid for Marine Works and world class oil and gas contractor Saipem. As partners in the newly formed group, Saipem is one of the world’s leaders in the Offshore Engineering and Construction sector and will provide a comprehensive range of services to the group including design, construction and installation of offshore structures and sea lines.
This major initiative is the first of its kind in the Kingdom of Saudi Arabia and was implemented by TAQA and Al Rushaid who are two of the most dynamic and visionary companies in the country. The decision to establish this major Saudi Arabian offshore construction facility was taken more than one year ago to provide facilities within Saudi Arabia that have not previously existed.
In addition to providing world class capability to the ever expanding offshore oil and gas sector in Saudi Arabia, the opportunities for job creation and on the spot vocational style training will be substantial. To ensure the availability of suitably skilled Saudi personnel, the partners in the new entity propose to establish as part of the operation a comprehensive training facility. Training courses will cover a diverse range of subjects including English language, electrical, mechanical, welding, fabrication, facilities management and operating heavy cranes. When at peak operation, the project will create up to 2500 employment opportunities.
Work on the construction and development of the new 300 million Saudi Riyals facility will commence immediately and the initial geotechnical investigation is already completed. During the construction of the facility, a broad range of support services will be required and where available, these services will be provided by local suppliers and contractors. This supply requirement will be maintained throughout the life of the facility allowing local suppliers to develop a supply chain system to support the yard operations. It is anticipated that this facility will be ready for initial operations by June 2007 and fully operational before the end of the year.
