Samsung buys stake in Brazil shipyard

Samsung Heavy Industries had agreed to buy a 10% stake in Brazil’s Estaleiro Atlantico Sul shipyard for some $22 million. The purchase is expected to help Samsung Heavy win orders for drill ships and oil rigs in Brazil as the Brazilian shipyard is scheduled to begin operations from September next year. “A shipbuilder needs a local company to win ship orders from Brazil and the purchase would help us secure better positions for more orders,” a spokesman for Samsung said.

In 2006, Samsung said it had signed a deal to provide technical support to Atlantico, a consortium of four companies, for Atlantico Sul Shipyard.