USC and STX ink agreement to form new shipbuilding JV

Russian United Shipbuilding Corporation (USC) and South Korean STX Offshore & Shipbuilding yesterday signed an agreement to establish a joint venture “New Admiralty Shipyards”

to be based on the Kotlin Island in St. Petersburg, USC’s President Roman Trotsenko said Friday. Mr. Trotsenko told reporters at the St. Petersburg International Economic Forum that STX will own a 25-percent stake in the JV. The South Korean company will design the plant, which is scheduled to be built within 40 months.
Total investment in the project will reach some $ 720 million. This year - $ 100 million. The newbuildings program includes the construction of 60 vessels at the first phase, said Mr. Trotsenko. Under the agreement, STX will transfer to the Russian side the technology of construction of LNG carriers.
United Shipbuilding Corporation, founded in 2007, incorporates three regional shipbuilding subsidiaries: JSC Western Shipbuilding Center (St. Petersburg), JSC Northern Center of Shipbuilding and Ship Repair (Severodvinsk), JSC Far Eastern Center of Shipbuilding and Ship Repair (Vladivostok), as well as leading marine design offices. United Shipbuilding Corporation also has a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy.
STX Corp.’s subsidiary STX Offshore & Shipbuilding is the world's fourth largest shipbuilder.
Source: Portnews