Al Seer Marine Secures AED 47.6 Million Contract For High-Speed Interceptor Vessels To Enhance Naval Capabilities

Al Seer Marine (ASM), a leader in maritime solutions and part of International Holding Company (IHC), has secured a significant production deal. This AED47.6 million agreement involves supplying high-speed interceptor vessels to Albwardy Damen, also known as Damen Shipyards Sharjah (DSSh). The vessels will be integrated into offshore patrol vessels (OPVs) over 42 months, aligning with the UAE’s "Make it in the Emirates" initiative.

The global market for OPVs is expected to grow significantly. According to a report by GlobeNewswire, it is projected to increase from US$38.1 billion in 2024 to US$73.3 billion by 2033, with an annual growth rate of 7.15 percent. This positions OPVs as one of the most lucrative segments in shipbuilding.

Guy Neivens, CEO of Al Seer Marine, stated, "The global OPV market is projected to grow from US$38.1 billion in 2024 to US$73.3 billion by 2033, at a CAGR of 7.15 percent, according to a recent report published via GlobeNewswire—positioning it as one of the highly profitable segments in the shipbuilding industry." He further explained that their strategic foresight led them to invest early in technology and infrastructure.

Neivens highlighted that these investments aim to establish naval shipbuilding as a key revenue driver. The focus is on portfolio diversification and creating long-term value for investors through engineering advancements and infrastructure development.

In 2024, Al Seer Marine reported operational profits of AED107 million on revenues exceeding AED1.28 billion. This new contract is anticipated to boost financial performance during its term and enhance the company’s focus on high-value manufacturing within the UAE.

The demand for OPVs is rising globally and regionally, especially in the Middle East where maritime security is crucial. This trend has prompted Al Seer Marine's strategic shift towards defence export capabilities and IP-driven manufacturing.

The vessels will be entirely designed, built, and equipped in the UAE under this agreement. This aligns with national goals for industrialisation and strengthens local manufacturing capabilities.

This contract represents a significant step for Al Seer Marine as they continue expanding their influence in maritime security solutions while supporting national industrial initiatives.

With inputs from WAM