"We highly appreciate and cherish the precious trust granted by the OISA
along with the importance of this agreement," Eng Al Hebsi added.
The memorandum will serve as a legal reference for potential bilateral agreements with member countries of OISA.
The memorandum of understanding (MoU) was signed on behalf of the company by Asry's ship repair general manager Magdy Sharkawy, and OISA executive committee chairman Mohammed Shawky Younis.
Mr Sharkawy emphasised the importance of this memorandum for the future development of Asry, as it will open the way for attracting more business from various companies in the OISA member countries.
"It is also to initiate co-operation between the two parties, as well as to establish fruitful relationships with OISA members for the mutual benefit of the parties concerned.".
He said that the MoU aims at developing a strategic plan for business co-operation with OISA member countries, especially in rig repair and shipbuilding.
The deal was described as a "memorandum of permanent cooperation" and Asry chief executive Nils Kristian Berge said it would enhance cooperation between the yard and OISA's member countries and, subsequently, navigation and shipping companies.
Signing the MoU were Asry's ship repair general manager Magdy Sharkawy and OISA executive committee chairman Mohammed Shawky Younis.
It is also to initiate cooperation between the two parties as well as to establish fruitful relationships with OISA members for the mutual benefit of the parties concerned."
Sharkawy added that the agreement aims at developing a strategic plan for business cooperation with OISA member countries especially in rig repair and shipbuilding and at sharing both tangible and intangible resources to effect a seamless exchange of information between both parties resulting in efficient and solid business relations.
"It will also support such vessels with priority high quality service in a timely cost-effective manner and share the results of case studies and researches related to previous dockings with OISA members.
Nils Kristian Berge, chief executive, commended the agreement, which will enhance co-operation between the yard and the member countries of OISA
and, subsequently, navigation and shipping companies, said a report in the Gulf Daily News (GDN), our sister publication.