Drydocks World, Aker Solutions to Upgrade Production at UK Rosebank Field

Part of the sinings ceremony - WAM
Part of the sinings ceremony - WAM
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Drydocks World, Aker Solutions to Upgrade Production at UK Rosebank Field

Part of the sinings ceremony - WAM
Part of the sinings ceremony - WAM

Drydocks World, a DP World Company, and Aker Solutions have formed a joint venture to upgrade a Floating Production Storage and Offloading (FPSO) vessel for the Rosebank oil and gas field in the UK.

The new joint venture combines the complementary strengths, resources, and experience of Drydocks World’s leading marine and offshore services with Aker Solutions’ integrated solutions, products and services to cater for the needs of the global energy industry, state news agency WAM reported.

The joint venture signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr. The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.

The contract was officially signed in Dubai at DP World’s Head Office by Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and Chairman of Drydocks World; Sturla Magnus, Executive Vice President, Topsides and Facilities at Aker Solutions; and Arne Hygen Tørnkvist, EVP of Altera Infrastructure.

Aker Solutions will handle the detailed design and procurement of equipment in Norway, while Drydocks World will be responsible for the fabrication and construction work at their yard in Dubai.

Commenting on the cooperation, Bin Sulayem said: “This joint venture between Drydocks World and Aker Solutions will deliver world-class maritime engineering and construction solutions to the global energy industry. The sector needs smart, collaborative partnerships like this to ensure sustainable production and to successfully transition equipment and vessels for the future. Today’s announcement is an important step forward.”

Capt. Rado Antolovic PhD, CEO of Drydocks World-Dubai, said: “Based on our strong prior working relationship and the aligned cultures of each partner, the new joint venture between Drydocks World and Aker Solutions will bring the shared strengths and values of both companies and provide a range of solutions including engineering, procurement and construction to a global market.”

Kjetel Digre, CEO of Akers Solutions also said that “collaboration and partnerships are at the core of how we work. In Drydocks World-Dubai, we have a world-class partner in developing solutions, and we look forward to continuing our long-term relationship by delivering jointly towards the Rosebank oil and gas field development project.”

Tørnkvist, for his part said: “I am very pleased to sign this contract on behalf of Altera - being the owner of the Petrojarl Knarr FPSO. The FPSO will operate for up to 25 years in the most challenging environment on the planet. I see this as a start of a strong and long-term relationship with Drydocks World.”



UK-Saudi-UAE Alliance to Develop Ground-breaking Petrochemical Complex in Egypt

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
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UK-Saudi-UAE Alliance to Develop Ground-breaking Petrochemical Complex in Egypt

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum

The UK’s Shard Capital Partners LLP, in collaboration with UAE-based Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group, has announced the signing of a Framework Agreement with Egypt’s Ministry of Petroleum and Ministry of Investment to develop a ground-breaking petrochemical complex in the industrial zone of New Alamein City.

In addition, Shard Capital said it is having initial discussions with Orascom Construction for the investment in the construction and operation of the complex outside battery limits on a Build Own and Operate basis.

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation, supporting Egypt’s economic development through job creation, Shard Capital said in a statement.

The project will establish an integrated complex with a production capacity of approximately 3.1 million tons annually of eight specialized petrochemical products. Using crude oil as its primary feedstock, the facility will include a refinery, and a mixed steam cracker unit designed to achieve one of the highest global conversion rates.

This state-of-the-art complex represents a transformative step for the industry by employing cutting-edge global technologies to maximize production efficiency and convert crude oil into high-value end products. Additionally, it will significantly enhance Egypt’s export capabilities in the petrochemical sector, playing a pivotal role in driving economic growth and strengthening global market position.

“Signing this agreement marks a historic milestone for Shard Capital LLP and reflects our deep commitment to advancing Egypt’s petrochemical sector. We are proud to be part of this critical project that will revolutionize the industry by leveraging cutting-edge American and European technologies to ensure maximum efficiency in converting raw materials into specialized petrochemicals while delivering exceptional returns for both the complex and Egypt,” said Capital Markets Advisor at Shard Capital Partners LLP William Blain.

He added: “We are committed to implementing the highest environmental sustainability standards and minimizing carbon emissions. Our ongoing collaboration with US partners on blue hydrogen production feasibility studies represents a step toward a more sustainable future.”

CEO of Shard Capital Partners LLP Toby Raincock said: “This complex will enhance Egypt’s industrial capabilities, open new export markets, create extensive job opportunities, and drive economic development across the region.