OPK, Hyundai Shipbuilding Agreement

On July 14, 2009, Yan Yanovsky, Managing Director and Member of the Boards of Directors of United Industrial Corporation (OPK) and B.T. Ahn, Executive vice-president of Hyundai Heavy Industries (HHI) signed a cooperation agreement in the field of shipbuilding.

The main purpose of this agreement is to establish a cooperation which will include the mutual developing of shipbuilding projects, equipments and the designing of vessels. According to this agreement Hyundai Heavy Industries, as a partner of OPK, will provide a support in the construction of new shipbuilding facilities, shipyard management and in the building of specific types of vessels, including gas-locomotives.

OPK’s shipbuilding assets consist of the Severnaya Verf shipyard, the Baltiysky Zavod plant and the design bureau Iceberg. OPK intends to modernize its shipbuilding assets and construct a modern shipbuilding complex with dry dock on large-capacity vessels, platforms and the production of offshore equipment. OPK is also taking part in several shipbuilding programs, favouring arctic shelf development.

(http://eng.opk.ru)