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Hyundai Heavy buys 10% of Brazil shipbuilder

Hyundai Heavy buys 10% of Brazil shipbuilder
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First Published: Wed, Feb 03 2010. 03 49 PM IST
Updated: Wed, Feb 03 2010. 03 49 PM IST
Seoul: South Korea’s Hyundai Heavy Industries said on Wednesday it had agreed to take a 10% stake in Brazilian shipbuilder Offshore Services X (OSX), a deal that could help it bid for future orders.
OSX is the latest venture of Brazilian billionaire Eike Batista, whose EBX conglomerate controls oil, energy, mining and transportation assets in the country.
Financial terms have not been disclosed but a Hyundai spokesman said the company would provide technology support for OSX’s new shipyard as part of the deal.
For Hyundai, the world’s biggest shipbuilder, the investment would raise its chance in future bidding for Brazil’s large offshore projects.
Brazil’s state-run oil firm Petrobras is offering large tenders for offshore oil development vessels, a major opportunity for the downturn-hit shipbuilding industry. But regulations to boost local production have made it difficult for foreign shipbuilders to win a deal.
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First Published: Wed, Feb 03 2010. 03 49 PM IST