Koreans buy stake in Angolan shipyard

The Korean shipbuilder and Porto Amboim Estaleiros Navais Limitada’s existing owners, Sonangol Holdings and SBM Offshore NV, plan to invest around $100 million in the Angolan yard by 2012 to add more quays and a 2,000 tonne crane.

DSME has expanded in Africa as oil companies explore new areas to meet rising global energy demand. Total SA, Eni SpA and Exxon Mobil Corp. have all invested in Angola, helping turn the country into Africa’s second-biggest oil producer since the end of a 27-year civil war in 2002. “The investment will help us obtain an advantage to win offshore projects in the West Africa region,” DSME said in the statement.

Sonangol Holdings, controlled by Angola’s state-owned oil company, will hold 40% of the yard after the investment while SBM Offshore will own 30%.

DSME also has a ship-block plant in China, shipbuilding ventures in Romania and Russia and is building a ship-repair yard in Oman.