FELS sets up shop in Brazil

Company News - March 6, 2000

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Singapore's FELS Group has gained control of the IVI-Angra shipyard (formerly known as Verolme).

IVI-Angra is the largest in Brazil but has recently concentrated on repair work, and has not completed a newbuilding in more than 24 months.

Undoubtedly, FELS move into Brazil is an attempt to position itself to obtain contracts both for tankers and production platforms, given the rate at which the Brazilian offshore industry is developing.

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