20-05-2025
Al Seer Marine awarded Dh47.6 million contract to deliver high-speed interceptor vessels
20 May 2025 13:48
ABU DHABI (WAM)Al Seer Marine (ASM), a frontrunner in advanced maritime solutions and a subsidiary of International Holding Company (IHC), has secured a production agreement valued at Dh47.6 million to deliver high-speed interceptor vessels to Albwardy Damen (Damen Shipyards Sharjah – DSSh).Delivery will span 42 months, with the units slated for integration into offshore patrol vessels (OPVs). All vessels will be designed, built, and outfitted entirely in the UAE, in alignment with the country's 'Make it in the Emirates' industrialisation initiative.'The global OPV market is projected to grow from $38.1 billion in 2024 to $73.3 billion by 2033, at a CAGR of 7.15 per cent, according to a recent report published via GlobeNewswire—positioning it as one of the highly profitable segments in the shipbuilding industry," said Guy Neivens, CEO of Al Seer added, "With our long-term strategic vision, we anticipated this trajectory early, driving targeted investments in our technologies, infrastructure, and engineering depth to establish the naval shipbuilding vertical as a core driver of our revenue growth, portfolio diversification, margin resilience, and long-term value creation for our investors.'The move comes in response to accelerating global and regional demand for OPVs, particularly in the Middle East, where maritime security and naval capability development have become national imperatives.
In 2024, Al Seer Marine reported operational profits of Dh107 million on revenues exceeding Dh1.28 billion. The new production mandate is expected to enhance financial performance over the contract period and further strengthen the company's shift toward high-value, IP-driven manufacturing and defence export capabilities within the UAE
