Singapore shipbuilding conglomerate Keppel has jettisoned its Azerbaijan shipyard commitments as it focuses its energies on securing a solid line of work at home.
Keppel signed with State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company in September 2013 to form Baku Shipyard with Keppel committing to be the manager of the yard.
Keppel has now revealed this management contract has been scrapped with SOCAR taking control of the yard. Keppel will retain an 8.5% stake in the facilty.
The 62 ha yard is capable of building a wide array of vessels and also has capacity to carry out some repair work.