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Largest exclusive agreement for ship repairs in Gulf worth $33 million

Staff writer |
Kuwait Oil Tankers Company (KOTC) signed a comprehensive dry-docking agreement with Bahrain-based Arab Shipbuilding & Repair Yard Company (ASRY), which is one of the world’s largest leading companies in ship and rig repair and maintenance industry.

The agreement sets forth exclusive maintenance for (19) tankers over three years. The value of such agreement is approximately $33 million, making it the largest of its kind agreement made with shipyards across Arabian Gulf region. Such agreement allows Kuwait Oil Tankers Company to have majority of its tankers fleet maintained on regular basis at ASRY maintenance facilities in the Kingdom of Bahrain.

KOTC CEO Sheikh Talal Khaled Al-Ahmed Al-Sabah said that Arab Shipbuilding & Repair Yard Company (ASRY) will carry out repairs and dry docking operations for 19 tankers including 12 oil product tankers, 4 LPG tankers and 2 replenishment oilers in addition to support boat at its yards and perform comprehensive maintenance thereon covering hull, tank cleaning, painting and periodic maintenance activities for engines and various navigation instruments.

Sheikh Talal emphasized that Asry’s several repair facilities and services and its track record performance qualify it to be long term unique partner of KOTC in fleet maintenance quality assurance.

He pointed out that the recently signed agreement shall come into force with immediate effect where the first tanker (Jabriya 2) is set to be received at ASRY during February of this year. Eight tankers will undergo maintenance in 2015 while nine tankers are scheduled in 2016 and 2 tankers in 2017.

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