Saudi Press

Saudi Arabia and the world
Friday, Jul 11, 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
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×