On April 23, Baku Shipyard and BP (on behalf of the Shah Deniz consortium) signed a contract to design and build a Subsea Construction Vessel (SCV).

Speaking at the event, SOCAR President Rovnag Abdullayev said that Baku Shipyard is well placed to support Azerbaijan’s growth in the oil and gas sector. The SCV is the first major contract secured by Baku Shipyard since its inauguration by the President of Azerbaijan Republic, H.E. Ilham Aliyev.

Shahin Mustafayev, Minister of Economy and Industry of Azerbaijan, noted the importance of building the Vessel in realization of Shah Deniz-2 project. Afterwards, Gordon Birrell, BP's Regional President for Azerbaijan, Georgia and Turkey and David Loh, Baku Shipyard General Manager, signed the contract. According to them, signing the agreement with BP highlights the high level of technical equipment at the shipyard and its compliance with international standards.

Attendees stated that all needed vessels for Azerbaijan would be built in this Plant henceforth. The SCV will be designed by Marine Technology Development, the ship design and development arm of Keppel Offshore & Marine (Keppel O&M). The vessel, to be used in the Shah Deniz Phase-2 development, is expected to be completed in April 2017.

The shipbuilding yard was jointly developed by SOCAR, Azerbaijan Investment Company (AIC) and Keppel O&M. SOCAR, AIC and Keppel O&M own 65%, 25% and 10% share in the yard respectively.

About Shah Deniz

Shah Deniz II, operated by BP is one of the largest gas developments worldwide. Gas from Shah Deniz II will open a new energy supply route, named the Southern Corridor, which will allow Europe to have access to gas reserves in the Caspian Sea region.

About Socar

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, two oil refineries and one gas processing plant, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions are operating as corporate entities under SOCAR.

B>About BP

BP is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.