International Maritime Industries (IMI) Company Profile

Background

Overview

Established in 2017, International Maritime Industries (IMI) is a Saudi Arabian joint venture headquartered in Ras Al-Khair, Eastern Province. The company is a collaboration between Saudi Aramco, Lamprell, Bahri, and Hyundai Heavy Industries, aiming to revolutionize the maritime industry by providing comprehensive services in shipbuilding, offshore rig construction, and maintenance, repair, and overhaul (MRO) services.

Mission and Vision

IMI's mission is to be a leading provider of maritime products and services globally, delivering shareholder value through strategic partnerships and innovative solutions. The vision is to establish the company as a global leader in the maritime industry, contributing significantly to Saudi Arabia's Vision 2030 by developing a robust logistics ecosystem.

Primary Area of Focus

IMI specializes in the construction of commercial vessels, including Very Large Crude Carriers (VLCCs), bulk carriers, offshore support vessels, and offshore jack-up rigs. Additionally, the company offers MRO services for over 260 maritime products, positioning itself as a full-service maritime facility.

Industry Significance

As the largest full-service maritime yard in the MENA region, IMI plays a pivotal role in localizing essential links for Saudi Aramco’s supply chain related to offshore drilling and shipping activities. This localization leads to optimized costs, reduced response times, and improved agility for Saudi Aramco and its affiliates.

Key Strategic Focus

Core Objectives

• Maximize Profitability: Enhance operational efficiency and cost-effectiveness to achieve sustainable financial growth.

• Establish Strong Supplier-Customer Platforms: Develop robust relationships with suppliers and customers to ensure seamless operations.

• Improve Localization: Increase the local content in manufacturing and services to support the national economy.

• Attract and Retain Talent: Build a skilled workforce by offering developmental opportunities and a diverse, results-oriented workplace.

• Promote Safety and Quality: Ensure high standards of safety, security, and quality in all operations.

• Implement Robust Corporate Governance: Adopt transparent and effective governance practices.

Specific Areas of Specialization

IMI focuses on the construction and MRO of:

• Commercial Vessels: Including VLCCs and bulk carriers.

• Offshore Support Vessels: Designed for offshore oil and gas operations.

• Offshore Jack-Up Rigs: For drilling operations in shallow waters.

Key Technologies Utilized

The company integrates advanced technologies such as artificial intelligence, biometrics, and the Internet of Things (IoT) into its operations to enhance efficiency and safety. Additionally, IMI is committed to sustainability by utilizing green products, materials, and renewable energy sources, including solar and wind, to reduce carbon emissions and environmental impact.

Primary Markets Targeted

IMI primarily serves the Middle East and North Africa (MENA) region, with aspirations to expand its reach globally, leveraging Saudi Arabia's strategic location to connect global trade routes.

Financials and Funding

Funding History

IMI is a joint venture between Saudi Aramco, Lamprell, Bahri, and Hyundai Heavy Industries. The company has secured offtake agreements worth $10 billion over 10 years with partners Aramco and Bahri for the delivery of 20 rigs and 52 vessels, respectively.

Utilization of Capital

The capital raised is utilized for:

• Facility Development: Establishing and expanding the maritime yard in Ras Al-Khair.

• Technology Integration: Implementing advanced technologies to enhance operational efficiency.

• Sustainability Initiatives: Adopting green technologies and renewable energy sources.

• Talent Development: Training and developing a skilled workforce.

Pipeline Development

Key Pipeline Candidates

IMI has secured orders for the construction of 20 offshore rigs and 52 vessels over the next decade, demonstrating strong demand for its services.

Stages of Development

The company is in the advanced stages of establishing its facilities, with initial production and service operations expected to commence toward the end of 2020, reaching full operational capacity by 2022.

Target Conditions

IMI focuses on constructing offshore rigs and vessels designed for the oil and gas industry, catering to both regional and international markets.

Anticipated Milestones

• 2020: Commencement of initial production and service operations.

• 2022: Achieving full operational capacity.

Technological Platform and Innovation

Proprietary Technologies

IMI integrates advanced technologies such as artificial intelligence, biometrics, and IoT into its operations to enhance efficiency and safety.

Significant Scientific Methods

The company employs advanced manufacturing techniques and digital solutions to optimize production processes and ensure high-quality outputs.

Leadership Team

Executive Profiles

• Eng. Abdullah Al-Ghamdi, Chief Executive Officer: With over two decades at Saudi Aramco, Al-Ghamdi has held key leadership roles in industrial services, terminals, project management, new business development, and finance. As CEO of IMI, he sets the direction for the company's business expansion.

• Feras Al-Sahan, Chief Financial Officer: Al-Sahan oversees the company's financial planning, management, and forecasting. He has more than 20 years of experience in various business fields, including banking and internal auditing at Saudi Aramco.

• Yun-hyo Ahn, Chief Operating Officer, Ship Building & OSV Zones: Ahn leads all activities related to shipbuilding and offshore support vessels. With over 30 years of shipbuilding experience, he has a proven track record in project management and production.

• Darren Macdonald, Chief Operating Officer, Rig Building and MRO Zones: Macdonald leads operations for all new build rigs and MRO at IMI. He has 30 years of experience in offshore oil & gas, marine, and naval shipbuilding fields.

• Abdulaziz Sabri, Senior Vice President, Operation Services: Sabri oversees a comprehensive portfolio including HR, IT, digitalization, cybersecurity, corporate communication, facility management, industrial security, fire protection, and HSE. He brings over three decades of experience in energy, quality, shipping, and technical and commercial ship management services.

• Yasser Al-Shehri, Senior Vice President, Corporate Services: Al-Shehri serves as the Senior Vice President of Corporate Services, overseeing HR, IT, digitalization, cybersecurity, corporate communication, facility management, industrial security, fire protection, and HSE. He has over 18 years of leadership experience in the private, oil & gas, and manufacturing sectors.

Competitor Profile

Market Insights and Dynamics

The global maritime industry is characterized by significant competition, with major players such as Maersk, Mediterranean Shipping Company (MSC), and Mitsui O.S.K. Lines dominating the market. IMI's strategic location and comprehensive service offerings position it as a formidable competitor in the MENA region.

Competitor Analysis

• Maersk: A Danish conglomerate, Maersk is the world's largest container shipping company, offering a wide range of services including port operation, supply chain management, and logistics.

• MSC: The Mediterranean Shipping Company is a global leader in container shipping, operating a vast fleet and offering extensive global coverage.

• Mitsui O.S.K. Lines: A Japanese transport company, MOL is one of the largest shipping companies globally, specializing in various maritime services.

Strategic Collaborations and Partnerships

IMI's joint venture structure, involving Saudi Aramco, Lamprell, Bahri, and Hyundai Heavy Industries, provides a strong foundation for strategic collaborations, enhancing its market position and innovation capacity.