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With Support of Rosneft Vostokproektverf and DSEC Co., Ltd Agreed to Set Up Joint Venture

03 September 2016

The Far Eastern Design Institute Vostokproektverf, a FESRC subsidiary, and DSEC Co., Ltd, a subsidiary of Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME), signed a Memorandum of Understanding at the Eastern Economic Forum.

In line with the document the Parties plan to set up a joint venture for design, engineering, supplies, and management services in the area of shipbuilding technologies and shipyard construction. In particular, the Parties intend to jointly complete design and associated works for the Zvezda Shipyard project.

The experience and competencies obtained through cooperation with DSEC, a unique South Korean shipbuilding company in terms of its expertise, will enable optimization of such processes as shipyard design and procurement of construction equipment and, through this, maximization of the economic effect from the Zvezda Shipyard establishment.

Notes for editors:

The Zvezda Shipyard is being established at the premises of the Far Eastern Shipbuilding and Ship Repair Center by the Consortium of Rosneftegaz, Rosneft and Gazprombank. The Pilot Scope of Work for the shipyard will be provided by Rosneft that has an exclusive agreement with FESRC regarding placement of all the orders for manufacturing of new marine equipment and vessels at its facilities, as well as contracts for design, construction and delivery of  multi-purpose supply vessels of the reinforced ice-class. Rosneft endeavors best efforts to implement the shipyard construction project. With a view to ensure brand new shipbuilding and marine equipment construction technologies, the Company engages types of equipment which have not been previously used at Russian shipyards.

The Far Eastern Design Institute Vostokproektverf became a part to the Far Eastern Shipbuilding and Ship Repair Center in April 2010. The Institute staff includes skilled designers developing comprehensive design packages for construction and modernization of objects in various areas. The Institute also has an extensive production base, up-to-date plant and machinery, and publishing equipment.

 DSEC, a subsidiary of Daewoo Shipbuilding and Marine Engineering (DSME), is the only shipbuilding company in South Korea with the required engineering competencies for construction and operational support of modern wharfs in Europe, Middle East, and Southeast Asia. The company has a track record of shipyard construction and implementation of shipbuilding technologies in such countries as the USA, Angola, Spain, Great Britain, Oman, Romania, China.  

Rosneft Information Division
tel.: + 7 (499) 517-88-97
September 3, 2016

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.