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United Industrial Corporation (OPK) and Samsung Heavy Industries Sign Memorandum

Posted on July 10, 2009

United Industrial Corporation (OPK) and Samsung Heavy Industries Co., Ltd. (SHI, Korea) have signed a memorandum for mutual business cooperation, during SHI representatives’ visit to St. Petersburg Baltiysky Zavod and Severnaya Verf. The main purpose of this memorandum is a cooperation to create a new shipbuilding complex at Severnaya Verf.

Both companies show interest in participating in a tender for the construction of ships for transportation of natural gas and offshore equipment for Russian customers, as well as the development of new business projects. Particularly, both companies are focusing on a mutually beneficial cooperation, in line with the Gazprom PLC program for technological navy construction, favoring Russian shelf development with the construction of vessels and navy equipment.

The signing parties have great experience in shipbuilding. Samsung Heavy Industries is using the most progressive technologies in shipbuilding and shipyard management. The company is interested in OPK for the development of business activities in Russia. OPK will modernize its shipbuilding assets and build a modern shipbuilding complex with large-capacity vessels, platforms, supplying dry dock vessels. Samsung Heavy Industries intends participating in the company’s shipbuilding program, in order to favor arctic shelf development.

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