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Marine Log

March 18, 2008

Rolls-Royce inks MOU with Vinashin

Rolls-Royce today signed a memorandum of understanding (MoU) with Vietnam Shipbuilding Industry Group (Vinashin) in Hanoi. The aim is to work together to help develop Vietnam's fast-growing marine industry.

The signing ceremony was attended by John Paterson --President of Marine, Rolls-Royce and Pham Thanh Binh--Chairman & CEO of Vinashin.

"This agreement provides the framework for the establishment of a strong relationship between Rolls-Royce and Vinashin. I am confident that this strategic partnership will help promote and develop the fast-growing marine industry in Vietnam and also enable Rolls-Royce to expand its marine capabilities in Vietnam and the region."

The agreement includes identifying potential strategic partners for development of shared business interests, which include the delivery of propulsion systems as well as developing a sourcing strategy that enhances the business activities of both parties in Vietnam and for the export market.

The agreement also recognizes Vinashin's goal of enhancing both management and technical skills of its workforce by including the development of a training structure that will call on the technical expertise of Rolls-Royce.

Vinashin Business Group accounts for 80% of Vietnam's shipbuilding capacity plus a diversified range of activities that includes ship repair, shipping and logistics, heavy industries, civil and offshore constructions, financial and research services.

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