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ALMACO and SOCAR-STP Sign a Memorandum of Understanding in Azerbaijan

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Published May 25, 2022 4:16 PM by The Maritime Executive

ALMACO and SOCAR-STP have decided to enter into collaboration to seize potential opportunities in the Caspian Sea for offshore living quarters, cabins, and accommodation solutions.

In May 2022, ALMACO and SOCAR-STP signed an MOU (memorandum of understanding) on co-operating on offshore construction projects in the Caspian Sea region. Both parties have vast experience in manufacturing, design, and delivery of products for offshore applications. SOCAR-STP’s extensive facilities close to Baku will be used for setting up the prefabrication lines for the living quarters and cabins in accordance with ALMACO’s Mobile LQ (Living Quarter) Factory concept. The strategically important location of the prefabrication factory, as well as ALMACO’s support, will help SOCAR-STP to establish the production of accommodation products for all the projects in the region. Besides the benefits achieved from setting up the prefabrication factory in close proximity to the final installation location, the cooperation also aims to increase the level of local content in future projects in Azerbaijan.

Farid Aghayev, CEO of SOCAR-STP says, “We are looking forward to this cooperation and to get started with our plans to develop extensive local fabrication of accommodation solutions in the whole Caspian Sea region. We expect to sign our first delivery contract shortly.”

Jussi Laimi, Vice President of Accommodation Newbuild Sales at ALMACO, says, “This cooperation is a perfect match. It combines SOCAR-STP’s extensive construction and manufacturing skills with the benefits of our Mobile LQ Factory concept. Together we can offer the local markets much higher quality and more local content than before. The Mobile LQ Factory is a concept that ALMACO has used successfully in several other regions previously and we are certain it will be a success here as well.”

The products and services herein described in this press release are not endorsed by The Maritime Executive.