Keppel ends management deal with Baku Shipyard

It cannot meet the new operational requirements of the shipyard's development.

Keppel Corporation terminated an agreement to manage and provide technical services to Baku Shipyard.

Baku Shipyard LLC is a joint venture by Keppel Offshore & Marine (KOM), State Oil Company of Azerbaijan Republic (SOCAR), and Azerbaijan Investment Company (AIC) that was formed in 2013 to develop a shipbuilding and shiprepair facility in Baku, Azerbaijan.

As part of the development, Baku Shipyard signed agreements (MSA and TSA) with KOM subsidiaries Caspian Offshore and KSM Management for the JV company's management and technical services.

"Following the successful development, start-up, and initial operational phases of Baku Shipyard, and in view of the updated operational requirements based on current business conditions, Baku Shipyard has agreed with Caspian Offshore and KSM to terminate the MSA and TSA respectively, effective 30 June 2018," Keppel said.

KOM continues to maintain an indirect shareholding interest of 8.5% in Baku Shipyard. The management of Baku Shipyard has been handed over to SOCAR.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia