Baku Shipyard

What Baku Shipyard does

Baku Shipyard LLC is Azerbaijan's largest shipbuilding and ship repair facility, located in the Garadagh district of Baku on the Caspian Sea coast. Established in 2011 as a joint venture between the State Oil Company of Azerbaijan (SOCAR), Azerbaijan Investment Company, and Singapore's Keppel Offshore Marine (90/10 ownership split, with Keppel as operator), it operates under state-owned AZCON Holding. The yard combines a 1,100m quayside with a 168m x 40m floating dock of 25,000-ton lifting capacity, a Ship Transfer System (TTS) for vessels up to 18,000 tons, and an annual metal construction capacity of 25,000 tons. Its product portfolio spans crude oil and chemical tankers, Ro-Pax car/railway passenger ferries, offshore support vessels, diving support vessels, deck cargo ships, dredgers, and the Khankendi, the only multi-purpose DP3 subsea construction vessel in the Caspian.

The business serves three primary customer groups: domestic state-owned shipping and oil entities (ASCO and SOCAR), international oil and gas majors operating in the Caspian (bp, Petronas, ExxonMobil Kazakhstan), and international offshore contractors (Subsea 7, Saipem, Jan De Nul, CDC, CMS). Revenue is generated through three streams: new ship construction (project-based, multi-year contracts per vessel), ship repair and conversion (dry-docking, hull, mechanical/electrical work), and marine engineering services (detail design, production drawing, equipment testing) compliant with DNV, ABS, Lloyd's Register, BV, RMRS, and China Classification Society standards. Distribution is exclusively direct B2B enterprise sales through long-term contracts and bilateral government frameworks; pricing is custom and quote-based. The Azerbaijani Parliament extended tax breaks through 2030 to preserve the yard's strategic positioning, and a planned second-stage investment of $160M follows the $470M initial outlay.

Name

Baku Shipyard

Legal name

Baku Shipyard LLC

Website

https://bakushipyard.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Baku Shipyard LLC is Azerbaijan's largest shipbuilding and repair facility in the Caspian Sea, building tankers, Ro-Pax ferries, and offshore support vessels for state-owned shipping firms (ASCO), SOCAR, and international oil & gas operators such as bp and Subsea 7.

Ownership category

akta.pro rank

Product category

Shipbuilding and Marine Engineering

NAICS

Ship Building and Repairing (336611)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Dry Docking & Dockyard Operations (Graving/Floating Docks, Docking Services) (TLAHAMAA)

akta.pro secondary industries

Dry Docking & Hull Steelwork Repair (IMAJAFAA), Naval & Government Vessel Maintenance & Modernization (TLAKAKAB), Dry Docks & Floating Docks (Graving, Floating, Syncrolift) (IMAJALAA), Hull, Structure & Steelwork Repair (TLAKAKAE), Piping, HVAC & Auxiliary Systems Repair (TLAKAKAH)

Keywords

• Shipbuilding services
• Ship repair
• Vessel construction
• Offshore support vessels
• Marine engineering

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D

Revenue model

1. New Ship Construction: Construction of commercial vessels including oil/chemical tankers, Ro-Pax ferries, offshore support vessels, diving support vessels, deck cargo ships, and specialized vessels. Revenue is project-based, one-time per vessel with long production cycles.
2. Ship Repair and Conversion: Repair, overhaul, maintenance, and conversion services for vessels operating in the Caspian Sea. Includes dry-docking, hull repairs, mechanical/electrical work, and system upgrades.
3. Engineering Services: Marine engineering including detail design, production drawing, technical support, and equipment testing in accordance with major classification society standards (DNV, ABS, Lloyd's, BV, RMRS, CCS).

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Baku Shipyard is a shipbuilding and ship repair facility in Baku, Azerbaijan, providing new ship construction, ship repair and conversion, and marine engineering services. It constructs tankers, Ro-Pax ferries, offshore support vessels, subsea construction vessels, deck cargo ships, and dredgers for oil and gas and shipping clients.

Differentiator

Problem solved

Functional benefit

Products and services

• New ship construction Custom design and construction of new commercial vessels including oil and chemical tankers, Ro-Pax ferries, offshore support vessels, subsea construction vessels, deck cargo ships, and dredgers. Targets oil and gas operators and commercial shipping companies requiring classification-society-certified tonnage.
• Ship repair and conversion Repair, maintenance, and conversion services for commercial and offshore vessels, enabling owners to extend asset life, change vessel function, or meet new regulatory requirements.
• Marine engineering and design Engineering and technical design services supporting ship construction, repair and conversion projects for maritime and offshore clients.

Quantifiable outcome

• 500,000+ LTI-free work hours and 50,000 lifts performed safely for Shah Deniz 2 project
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Turkmenistan (State entities)coreStrategic or Co-development Partner · 23 June 2026Turkmenistan President Serdar Berdimuhamedov made a state visit to Baku resulting in signing of comprehensive bilateral agreements including industrial cooperation program for 2026-2028 and handover of Dostlug oil tanker built at Baku Shipyard. Bilateral trade reached approximately $154 million by July 2025.
• KTZ Express Shipping (Kazakhstan)coreStrategic or Co-development Partner · 4 May 2026Azerbaijan's Baku Shipyard and Kazakhstan's KTZ Express Shipping signed an agreement to build two modern dry cargo vessels, enhancing maritime cooperation across the Caspian region. The project aims to meet international standards and bolster regional trade routes and logistics capabilities.
• SPSI Cloud Port Development Group Co., Ltd (China)minorStrategic or Co-development Partner · 7 July 2025Representatives of China's SPSI Cloud Port Development Group visited Baku Shipyard (AZCON Holding company) to familiarize with production capabilities and potential cooperation opportunities.
• ExxonMobil KazakhstanminorStrategic or Co-development Partner · 21 November 2022Comprehensive meeting held between ExxonMobil Kazakhstan Inc. and Baku Shipyard with participation of SOCAR representatives to discuss current activities, production potential, ongoing and completed projects, and further cooperation opportunities.
• Kazakhstan Engineering / Zenit Uralsk ZavoduminorStrategic or Co-development Partner · 6 September 2022Representatives of Kazakhstan's Kazakhstan Engineering and Uralsk Plant Zenit JSC met with Baku Shipyard management to learn about shipbuilding and ship repair experience and discuss possible cooperation opportunities.
• Turkmenistan - TURKMENDENIZDERYAYOLLARY, Balkan ShipyardminorStrategic or Co-development Partner · 24 August 2022Representatives of Turkmenistan's TURKMENDENIZDERYAYOLLARY Agency, Balkan Ship Repair Yard, and shipping/railway administrations met with Baku Shipyard management to learn from available experience in shipbuilding and ship repair activities.
• Subsea 7minorStrategic or Co-development Partner · 3 August 2022Representatives of Subsea 7 (Vice President Steve Wisely, Commercial Director Jon Sunde Haugland, Azerbaijan Country Manager Tarana Yusifova) met with Baku Shipyard management to discuss ongoing projects and further cooperation opportunities.
• Keppel Offshore & Marine (Singapore)coreStrategic or Co-development Partner · 10 May 2011Joint venture founded on May 10, 2011 under laws of Republic of Azerbaijan by State Oil Company of Azerbaijan (SOCAR), Azerbaijan Investment Company (AIC), and Keppel Offshore Marine. Azerbaijan owns 90% interest, Keppel 10%. Operatorship entrusted to Keppel. Total investment $470 million initially, $160 million planned for second stage.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Zigh Ship Repair and Shipbuilding Yard: Azerbaijan's other state-owned ship repair yard, part of AZCON Holding. Co-repaired the Suleyman Vazirov pipe-laying vessel with Baku Shipyard and competes for Caspian repair and small newbuild work.
• Keppel Offshore & Marine: Singapore-headquartered global offshore and marine contractor that holds 10% of Baku Shipyard and serves as its operator. Provides the closest template for capabilities (rig building, offshore support vessels, repairs) and serves as a benchmark for yard operations.

Broad incumbents

• Damen Shipyards Group: Dutch global shipbuilder with a wide portfolio of newbuild, repair, and conversion yards. Directly comparable on the breadth of vessel types handled (workboats, ferries, tugs, offshore support) and on dual newbuild-and-repair business model.
• Vard (Fincantieri): Norway-based offshore and specialized vessel builder owned by Fincantieri. Comparable in offshore support vessel, subsea construction vessel, and specialized newbuild work relevant to Baku Shipyard's Caspian offshore clientele.
• Hyundai Heavy Industries: South Korean major shipbuilder building tankers, offshore platforms, and specialized vessels. Comparable on tanker newbuilds and large offshore structures; represents the price benchmark Baku must beat for non-Caspian commercial work.
• Samsung Heavy Industries: South Korean shipbuilder with strong presence in tankers, LNG carriers, and offshore platforms. Competes with Baku Shipyard for high-specification vessel contracts from international oil & gas customers operating in or near the Caspian.
• Daewoo Shipbuilding & Marine Engineering (DSME): Korean major building tankers, LNG carriers, and offshore structures. Relevant peer for the crude oil and chemical liquids tanker business that anchors much of Baku Shipyard's ASCO backlog.

Regional players

• Balkan Ship Repair Yard (Turkmenistan): Turkmenistan state ship repair facility along the Caspian coast, visited by Baku Shipyard management in 2022. Comparable regional player serving the Turkmen fleet and a potential partner/competitor for Caspian government contracts.
• Iran Shipbuilding & Offshore Industries Complex (ISOICO/Sadra): Iran's main shipbuilder and offshore platform fabricator on the Persian Gulf. Comparable in tanker and offshore newbuilds for the Iranian/Caspian market and a relevant competitor under sanctions-constrained operating environments.

Emerging players

• Ulstein Verft: Norwegian shipyard specializing in offshore service vessels, expedition cruise ships, and complex newbuilds. Comparable on offshore support vessel construction and on the high-spec, low-volume segment Baku Shipyard targets with Khankendi-class vessels.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCRLUWTWdWXoXEDkObHCU4ew
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• LinkedInlinkedin.com/company/2671307

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baku Shipyard