ASRY Pens Major Maintenance Deal with KOTC

Business & Finance

Kuwait Oil Tankers Company (KOTC) has inked a deal with Bahrain-based Arab Shipbuilding & Repair Yard Company (ASRY) for dry-docking of record number of 19 tankers over three years.

The value of the agreement is approximately USD 33 million, making it the largest of its kind made with shipyards across the Arabian Gulf region.

​ KOTC CEO Sheikh Talal Khaled Al-Ahmed Al-Sabah said that 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 boats 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 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 this February.

Eight tankers will undergo maintenance in 2015 while nine tankers are scheduled in 2016 and 2 tankers in 2017.

In addition, KOTC said that the deal will enable it to obtain favorable price as a result of prior commitment under such agreement and to have priority for booking dry-docking periods and planning of the scope of work.