Daewoo Shipbuilding and Marine Engineering Co., South Korea's second-largest shipbuilder, said Friday that it has purchased a 30 percent stake in Angola's Paenal shipyard.
A contract on the acquisition of the stake was signed Thursday in Angola's capital of Luanda, according to the company.
The Paenal shipyard was built in 2008 by a joint venture of Angola's state-run oil company Sonangol Holdings and global services company SBM
Offshore N.V. of the Netherlands.
With the signing of the contract with Daewoo Shipbuilding, Sonangol now has a 40 percent stake in the shipyard with the rest owned by the Dutch
company.
Daewoo did not reveal how much the deal was worth, but said it will also be taking part in the management of the shipyard.
"By taking part in the management, Daewoo Shipbuilding can expect to make operating profits while the deal is expected to help put the company in an advantageous position to win orders from the region," a company executive said.
Sonangol has placed orders with Daewoo Shipbuilding for offshore plants, LNG carriers and oil tankers worth over US$10 billion in total since 1995.
The companies plan to invest some $100 million on the Paenal shipyard to transform it into a high-tech shipyard with 2,000-ton cranes by 2012,
according to Daewoo Shipbuilding.