ASCO transfers Bibiheybat shipyard repair portfolio to Baku Shipyard

Azerbaijan Caspian Shipping Company CJSC (ASCO) has decided to transfer the repair portfolio of the Bibiheybat Baku Ship Repair Yard to the Baku Shipyard as part of efforts to optimize ship repair activities, Report informs, citing ASCO.

The decision was taken amid changes in the company's fleet structure. In recent years, a number of vessels have been decommissioned due to the end of their service life and a lack of demand. Regular assessments indicate that, as outdated vessels are written off, the number of ships on the balance sheet will decrease compared to previous years, necessitating optimization of repair volumes and the operations of ship repair yards within ASCO.

The company noted that significant investments have been made in recent years in the Zigh Ship Repair and Shipbuilding Yard, improving its technical condition and modernizing production. At the same time, continued operation of the Bibiheybat yard would require additional capital investment.

Given the presence of the modern Baku Shipyard, which is capable of carrying out both repair and construction works, the transfer of the Bibiheybat yard's repair portfolio to the Baku Shipyard was deemed the most efficient solution.

ASCO emphasized that throughout this process, employees' rights and existing jobs will be fully preserved.