Abu Dhabi Ship Building (ADSB) Signs MoU with Korea Shipbuilders’ Association and STX Offshore & Shipbuilding

Published January 21st, 2010 - 11:12 GMT

Abu Dhabi Ship Building PJSC (ADSB) has announced that the ADSB Board Chairman, Mr. Homaid Al Shemmari, signed a Memorandum of Understanding (MoU) with senior representatives from the Korea Shipbuilders’ Association (KOSHIPA) and STX Offshore & Shipbuilding Co. (STX), both of South Korea, to explore potential areas of collaboration in the field of shipbuilding and related services.

 

The MoU signed today does not involve the signing of any specific contracts or the undertaking of any specific projects.  Rather it is an expression of intent by the three parties to work in cooperation to explore areas of mutual interest that may lead to potential projects, joint ventures or other mutually agreed business opportunities in shipbuilding, ship design and system design & integration.

 

Abu Dhabi Ship Building is a UAE Public Joint Stock Company specialized in the construction, repair and refit of naval and commercial vessels.  ADSB is listed on the Abu Dhabi Securities Exchange with approximately 40% of its shares owned by the Mubadala Development Company, 10% by the Abu Dhabi Government and 50% by several thousand individual shareholders.

 

KOSHIPA is an association of ship building companies in South Korea and STX is a South Korean shipbuilding company that specializes in the construction of commercial ships and offshore support vessels.

 

Following the signature of the MoU, ADSB, KOSHIPA and STX will form working groups to explore these potential business opportunities.  Further details regarding any specific projects, contracts or business ventures that result from this cooperation will be announced in a timely manner to the Abu Dhabi Securities Exchange.


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