Japan's Mitsubishi Heavy Industries (MHI) has reached basic agreements with local firms Imabari Shipbuilding and Namura Shipbuilding regarding the formation of new alliances in the commercial shipbuilding business.

The company is also pursuing discussions toward creartng a similar alliance with another Japanese company, Oshima Shipbuilding.

MHI aims to obtain sustained growth via the new deals by establishing complementary and synergy-generating alliances that place emphasis on mutual collaboration.

The partnership is also aimed at boosting competitiveness in the global marketplace for all partners involved.

MHI said in a statement: “The newly completed basic agreements cover a variety of core issues, including development of new ship designs and innovative technologies, sharing of designs and workforce, standardisation of engineering tools and fitting equipment, and flexible application of each partner’s construction capabilities.

"The newly completed basic agreements cover a variety of core issues, including development of new ship designs and innovative technologies, and flexible application of each partner’s construction capabilities."

“It is also expected that separate contracts will be concluded between MHI and each partner, stipulating how the alliance will be specifically applied to actual business operations.”

MHI is further looking to improve business competitiveness around its core engineering strengths through the new agreements, particularly in the areas of energy-saving and environmental technology.

The company also aims to further boost the presence of Japanese firms in the global shipbuilding industry.

MHI currently provides various engineering, electrical equipment, and electronics solutions for different markets.