OPK and HHI sign cooperation agreement

Yan Yanovsky, Managing Director and Member of the Boards of Directors of United Industrial Corporation (OPK) in Russia 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 development of shipbuilding projects, equipments and the designing of vessels. Under the agreement, HHI, as a partner of OPK, will provide support in the construction of new shipbuilding facilities, shipyard management and in the building of specific types of vessels, including gas carriers.

OPK?s shipbuilding facilities comprise Severnaya Verf shipyard, Baltiysky Zavod yard and the design bureau Iceberg. OPK intends to modernize its shipbuilding facilities and construct a modern shipbuilding complex with a large drydock for the construction of large-capacity vessels, platforms and the production of offshore equipment. OPK is also taking part in several shipbuilding programs for the arctic shelf development.