DSME Forms Shipyard Partnership with Russians

On November 18, 2009 DSME was invited to the ceremony of the laying new shipyard foundation for the construction of Zvezda Shipyard in Bolshoy Kamen, Russia.

Many principal figures were in Russia for the event including Russian Deputy Prime Minister Igor I. Sechin, Primorsky Kra Governor Sergey Darkin, as well as Mr. Sang-Tae Nam, President & CEO of DSME.

DSME had signed a memorandum of Agreement (MOA) with Russia's United Shipbuilding Corporation (USC) on October 25, 2009.

The contents of cooperation agreement includes strategies and joint actions for large shipbuilding programs and construction of a modern shipyard in Russia's Fareast that will be capable of building super vessels and offshore oil & gas exploration and production facilities.

DSME and USC will build the new shipyard in Bolshoy Kamen, located in Russia's Primorye Province. The yard is expected to produce gas tankers, ice-class vessels, drill ships and floating liquefied natural gas plants that will be operated in the Shtokman, Yamal and Sakhalin regions of Russia.

With this agreement, DSME expects to play a key role in the Russian shipbuilding market as they continue to work with the Russian Ship Research Institute on the development of ice-class LNG carriers for the Shtokman gas field.

Sang-Tae Nam, CEO of DSME said, "We have been continuously working together with USC since signing the MOA. We are happy to be developing a comprehensive relationship between Korea and Russia, which we are confident will be a win-win for all parties."

USC is a state owned enterprise established in 2007 under the presidential decree of former President Vladimir Putin. It presently administers and develops policies for upgrading Russian shipyards and oversees mergers, acquisitions and investments throughout the country.

OKPO Gazette No. 498 December 1, 2009