President of Azerbaijan Ilham Aliyev laid the foundation stone for Baku Shipyard on 19 March 2010 and officiated inauguration on 20 September 2013. Baku Shipyard LLC joint venture was founded on May 10, 2011 under the laws of Republic of Azerbaijan, by the State Oil Company of Azerbaijan (SOCAR) owning 65%, Azerbaijan Investment Company (AIC) 25%, and Keppel Offshore Marine (KOM) 10%, has developed and put into operation the most modern shipbuilding and ship-repair facility in the Caspian Sea. Keppel Offshore Marine (KOM), with its history of being one of the global leaders in offshore rig design, construction and repair, ship repair and conversion and specialized in shipbuilding has been appointed as the operator to manage the yard. Main activity of the Baku Shipyard consists of the construction of a variety of vessels ranging from offshore support vessels, general cargo vessels, tug boats, crane vessels, specialized vessels and passengers vessels to tankers. The yard also undertakes ship repair and conversion of such vessels.