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HHI INKS SALES CONTRACT WITH IMI FOR DESIGN TECHNOLOGY

Friday, September 20, 2019 

Hyundai Heavy Industries has signed a license agreement with the International Maritime Industries Co. (IMI), a Saudi joint shipyard, for Very Large Crude-Oil Carrier (VLCC) drawings.

With this license agreement, Hyundai Heavy Industries plans to provide IMI with design know-how including basic VLCC, detailed design drawings, design support, and technical consulting. This will allow Hyundai Heavy Industries to receive royalties for each of the largest tankers it builds at IMI.

In particular, Hyundai Heavy Industries Group, which leased the design drawings of two 260,000dwt VLCCs from Scott Lithgow of England in late 1971, built its first vessel and grew into a company that exported design technology in half a century.

An official of Hyundai Heavy Industries said: “It is the result of the recognition of the technology of the world's No. 1 shipbuilding company. We will continue to make R & D efforts to develop the technology leading the shipbuilding industry”

Meanwhile, Hyundai Heavy Industries signed a construction contract with IMI and Saudi state-owned shipping company Bahri for a 13,000,000dwt super-large tanker (VLCC). The ship is the first construction contract since the launch of IMI, and it will be delivered in the second half of 2021, when it is built at Ulsan Shipyard.

IMI is a joint venture invested by Korea Marine & Marine, Saudi Aramco, Bahri, and Lamprel. Plan.

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