Keppel Offshore and Marine and the State Oil Company of the Azerbaijan Republic (SOCAR) have teamed up to build a new shipyard in Azerbaijan that will support oil and gas exploration in the Caspian Sea.

The new shipyard is being built on a 52-acre site that will also include a ship repair centre, with construction set to be completed over a two to three-year period at a cost of $386 million.

Commenting at the groundbreaking ceremony, Tong Chong Heong, Keppel Offshore and Marine chief executive, also announced a continued commitment to investment in training and development in the Azeri oil and gas industry.

"In addition to providing local content to support the industry's growth, we will also continue to support Azerbaijan through the offering of employment, training and skills development and apprenticeship schemes," he pledged.

The offshore and marine arm of Keppel was established in 2002 and is headquartered in Singapore.

Oil and Gas Directory: Training and Development