KOC raises prospect of workboat bonanza

Dubai: Workboat builders in the Gulf states are buzzing on news that the Kuwait Oil Company (KOC) plans to replace its ageing fleet of workboats with some 53 new vessels.

It is understood that KOC requires a range of different workboats including tugs, crew boats, work barges, mooring boats, a landing barge and an anti-pollution barge to replace existing vessels. The company has so far not gone public with its requirements but market sources believe that existing vessels will be phased out over the next three to four years as they approach the operating age limit under Kuwaiti safety regulations. Sources also believe that shipbuilders in the region will be well-placed to win a significant share of the construction contracts which could be worth up to half a billion dollars in total.

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