June 17, 2008
Samsung buys into Brazil yard
Samsung Heavy Industries Co. says it has purchased a 10 percent stake in Brazilian shipyard company Estaleiro Atlantico Sul (EAS) for US$22 million, reports Korea's Yonhap News Agency.
EAS is building a yard in Suape, Pernambuco, that is scheduled to start operations in September next year.
In addition to Samsung, the other stake holders in the project are PJMR Assessoria Empresarial, whose partners are four Brazilian entrepreneurs historically linked to the marine construction sector, with 10%; and construction and engineering companies Queiroz Galvao and Camargo Correa with 40% each.
Sergio Machado, the president of Petrobras's transportation subsidiary Transpetro, was present at yesterday's signing of the stock agreement for Samsung's participation in the venture. He said that in five years the new yard will be producing 20 tankers a year,
Samsung, however, is already looking beyond tankers. The Yonhap story quotes Samsung as saying that purchase of the EAS interest is expected to help it win orders for drill ships and oil rigs in Brazil.