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    Brazilian yard agreement signed

    News // November 14, 2008

    LR-Fairplay's Daily Newbuilding News reports that a joint venture project has been launched in Brazil to build a new shipyard as part of a US$1 billion industrial port complex.

    Estaleiro da Bahia SA (EBSA) will specialise in constructing small tankers, PSVs, drill ships, anchor handlers and oil platforms for the state-controlled oil giant Petrobras.

    LR-Fairplay said the backers, OAS Group, Setal shipyard and Piemonte Investimentos, signed an agreement to invest at least US$400 million on the construction of a new shipyard at Maragogipe, in the northeastern Bahia state.

    LR-Fairplay said the state government also signed another protocol with major Brazilian construction company, Odebrecht, which will build much of the infrastructure for the port complex.

    Setal, which will own 45 per cent of the shares of EBSA, will return to shipbuilding after it has sold its shares in the Fels Setal shipyard to the Singapore group Keppel.


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