(MENAFN- The Peninsula) joel johnson |
The Peninsula
Doha, Qatar: The marine industry in Qatar has great potential in the region remarked Danial Kaabi, Chief Executive Officer of Sea Horizon Offshore Marine Services [SHM].
Speaking to The Peninsula in an interview, he said:“With the increasing demand for vessels in the region, as a whole, more specifically Qatar. This is why we have been able to succeed by consistently implementing the highest amount of local content possible.”
As a leading service provider to the energy sector, SHM focuses on implementing a localized approach in the vessels they mobilize to Qatari waters. The executive said that“We are anticipating the delivery of our first vessel to be Qatari flagged later this year”
Kaabi highlighted that the energy sector is a driving force for Qatar's burgeoning economy. He said that the sector is poised to grow rapidly due to the North Field Expansion, paving the way for the country to be a gateway to the world.
He said that“It is projected that in the next five years, 40 percent of the world's LNG will come from Qatar, and for us [SHM] to be involved in such a great milestone is an absolute honor.”
The executive lauded the country's momentous efforts in drawing investments and playing a vital part in expanding LNG projects across the globe.
“Qatar plays a very crucial role in the global energy transition and it is rewarding indeed to be positioned to support the north field expansion,” he said.
Since its inception in early 2022, SHM has capitalised and expanded its presence in Qatar by partnering with noteworthy firms.
The country is registered with all the oil majors, said Kaabi adding that“Our biggest client currently has been GDI (Gulf Drilling International), where we have been supporting them in their rig move operations. But the most significant come recently as we were awarded a project with QatarEnergy to support all their ports. This is a huge milestone for us as we were able to complete this in a year.”
“A lot of our business model is also working with international companies to support them in the Qatar market and the World Cup allowed us to welcome them and show how beautiful Doha is,” the industry expert said
Kaabi underscored that the new projects were initiated to collaborate with Western shipyards and boost its presence in Qatar.
He emphasised that this will be the largest fleet of Qatar-flagged vessels by stating“If all goes as planned, this will be the largest newbuild program done by a Qatari company in the Offshore support sector since 2014.”
Kaabi asserted that“This is very exciting for us as we see the market rapidly rising and the support we have received from the shipyard in Europe is very encouraging.” At present, SHM works with QatarEnergy and GDI, and by Q1 2024, two new vessels will be added to its fleet indicated the executive.
“For the next 5 years, we anticipate our new building program to be completed and SHM Qatar will have a fleet of vessels which all would be Qatari flagged,” Kaabi added.
Within a year of establishing its business in the country offering a wide spectrum of services in the offshore and marine industry, the Qatari-owned firm achieved a 100 percent ICV score, which was awarded by Tawteen.