Saudi Press

Saudi Arabia and the world
Thursday, Aug 28, 2025

IMI signs long term agreement with JSA Loadmaster

IMI signs long term agreement with JSA Loadmaster

International Maritime Industries (IMI), the largest maritime yard in the Mena region, has signed a long-term agreement with JSA Loadmaster to enhance its efforts to localise its supply chain in Saudi Arabia.
The agreement will enable JSA Loadmaster, a joint venture between Jackup Structures Alliance (JSA) and Loadmaster Industries, to localise its rig product manufacturing in Saudi Arabia and boost its lifecycle and maintenance support.

Through the agreement with IMI, JSA Loadmaster is expected to contribute around SR750 million ($200 million) to the Saudi economy over the next eight years.

The company will produce rig rack and chord, as well as derricks and other engineered structural products in the kingdom, in line with the highest standards of sustainability and environmental excellence.

IMI, a joint venture between leading industry partners Aramco, Lamprell, Bahri and Hyundai Heavy Industries, will benefit from being able to source products for itself and its clients locally for rig manufacturing, reducing the cost of importing products from abroad. As part of the agreement, IMI will guarantee the ordering of rack and chord for four rigs, with an extension option of an additional two rigs.

The signing marks the establishment of IMI’s first long-term agreement with a supplier and a significant milestone in the company’s efforts to localise its supply chain. The partnership will also provide IMI with the opportunity to learn and align with industry best practices and further improve its rig services, building on its competitive overall market position.

The long-term agreement was signed by Fathi K Al-Saleem, President and Chief Executive Officer of IMI and Jay Fogal, Managing Director of JSA Loadmaster Arabia and President and CEO of Jackup Structures Alliance, during a ceremony at Dhahran, Saudi Arabia. It was also attended by executives from IMI, JSA Loadmaster, Saudi Aramco and ARO Drilling.

Al-Saleem said: “This agreement with JSA Loadmaster is an important milestone for IMI, marking our first big step towards supply chain localisation. We are proud to partner with a renowned global company like JSA Loadmaster, which is dedicated to supporting IMI’s mandate to contribute to the development of the local maritime industry.

“As part of IMI’s localisation strategy, the agreement lays the foundation for the establishment of a local, cost-competitive manufacturing operation where all manufacturing and delivery activities occur in the same place. It will also improve the efficiency, agility, and logistics of the manufacturing process overall; and create employment opportunities while adhering to the highest international standards of sustainability and environmental excellence.”

Jay Fogal, CEO for Jackup Structures Alliance, stated: “Our team embarked upon this journey with IMI and ARO four years ago with the support of Loadmaster’s Chairman, David Russell. As we developed our understanding that we could add significant value to the IMI initiative, we formed JSA Loadmaster under the leadership of our Middle East VP Shaun Hanton, supporting Saudi Vision 2030. Our Joint Venture combines the strength, know-how, and technical expertise of both Jackup Structures Alliance and Loadmaster Industries.”

Jeff Myklebust, CEO for Loadmaster Industries, stated: “JSA Loadmaster will deliver an industry-leading manufacturing and supply solution supporting and partnering with IMI. Our localisation plan includes a large percentage of technology and knowledge transfer through our technical and operations team led by Jeremy Guillotte. We will be developing and training Saudi employees to drive and grow the ecosystem required to support the initiatives of this Long Term Agreement, while respecting the culture, safety, and the environment in Saudi Arabia.”

IMI’s localisation efforts are focused on the procurement of materials and services used in rig and vessel production, as well as maintenance, repair and overhaul (MRO) practices.

The company intends to form more long-term partnerships with suppliers that are committed to localising the manufacturing of their products in Saudi Arabia.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
×