Oman Drydock posts 30pc jump in ship repair orders

Muscat, JAN 19 - Oman Drydock Company (ODC) — a subsidiary of the government’s logistics development arm ASYAD Group — handled a total of 130 vessels at its ship repair yard in Duqm last year, which was 30 per cent higher than the previous year’s tally.
The sizable uptick in vessels calling at ODC for maintenance and repair services underscores its growing appeal as a one-stop, integrated ship repair yard in the region.
The growth in orders is one of several achievements garnered by state-owned Oman Drydock Co in 2018. Also during the year, the yard clinched its single biggest contract for the repair of a commercial vessel since it came into operation in 2011.
ODC also posted its “best financial performance” in 2018, having reduced its working capital by $10 million, the company said in details posted on its website. It also achieved a “zero-per cent inventory adjustment” for the time in its history.
Additionally, its success in securing a 15-year contract with Oman Oil Refineries and Petroleum Industries Company (Orpic) has enabled ODC to diversify its revenue streams.
These accomplishments come against a backdrop of efforts by ODC to diversify its offerings through the addition of shipbuilding to its portfolio. Those ambitions were articulated by Said bin Hamoud al Mawali, CEO of Oman Drydock Company, at Posidonia 2018 — the world’s biggest shipping and maritime exhibition which took place in Greece last June.
“Our aim is to be the first choice for ship-owners for ship repair and conversion operations of commercial tonnage and naval vessels, as well as the offshore industry, not only in Oman, but the entire Middle East, and with a strong order book and promising year ahead, we are in an advantageous position,” said the CEO in an interview.
“But our plans do not stop there. In a strategic move to continue the evolution of our operations and given our location, facilities, skill-set and the continuous commitment to deliver excellence, we are now looking at entering the world of shipbuilding,” he added.
As part of its planned foray into shipbuilding activities, ODC is ramping up its capabilities to deliver small units such as OSVs, tugs and barges to the worldwide ship building market.
The yard plans to initially focus on vessels of less than 80 metres.
Since it commenced operations nearly eight years ago, ODC has handled in excess of 650 vessels. While the large majority of these drydockings have involved ship repairs and maintenance, a growing number pertain to conversions.