HHI seeking to buy stake in Brazilian shipyard
08 Feb 2010
Industry sources report that Hyundai Heavy Industries (HHI), the world's largest shipbuilder, is seeking to buy 10 percent of a Brazilian shipyard in a bid to win domestic orders.
HHI is in talks with OSX Brasil SA, a shipbuilding and oil services company, over the deal. The South Korean shipyard will transfer its shipbuilding technology to the Brazilian business partner in return for the stake purchase. “In a couple of weeks, the two companies are expected to sign a deal,” a source said.
Petrobras, Brazil's state-run oil company, is projected to place orders for offshore oil development vessels such as drill ships and storage facilities valued at up to $42 billion.
