Samsung signs MoU with USC

Samsung Heavy Industries has signed a memorandum of understanding with United Shipbuilding Corporation (USC), a Russian state shipbuilding holding,

USC is seeking to modernize Russian shipyards and unite them in three regional groups (west, north and Far East). Main provisions of the MOU include development of new business and promotion of joint-investment project, co-development of design technology, overall cooperation for improvement of shipbuilding technology, etc.

USC and Samsung will organize a special committee in March to discuss detailed plans for cooperation. With the MOU signing, Samsung expects to jointly receive orders for construction of ships, receive technology services charge such as new shipyard construction technology and ship design technology, etc. Also it could join the construction works of ports, roads and oil pipeline in Russia.

Russia, for its part, expects to enhance its shipbuilding productivity through the cooperation with Samsung Heavy. Russian shipbuilding industry has been focusing on defence industry orders and its productivity in commercial ship building sector is very low. Samsung said it will transfer some of globally generalized merchant ship building technology to Russian shipyards and construct offshore units, which require high technology, in South Korea to prevent high value-added technology from leaking. It has decided to cooperate with Russia to benefit each other rather than let other countries cooperate with Russia and threaten South Korean shipbuilding industry, Samsung Heavy added.