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June 19, 2016

Rosneft and Fincantieri to form joint venture to build new types of vessel

Russia-based petroleum company Rosneft has entered into a heads of agreement to create a joint venture with Italian shipbuilding company Fincantieri, in order to design and build a new type of vessel.

Russia-based petroleum company Rosneft has entered into a heads of agreement to create a joint venture with Italian shipbuilding company Fincantieri, in order to design and build a new type of vessel.

The new vessel will be built at Russia’s Zvezda shipbuilding complex, which is currently under construction by a consortium of Rosneftegaz, Rosneft and Gazprombank on the basis of the Far Eastern Shipbuilding and Ship Repair Center.

The proposed joint venture will help improve the technical potential of the Zvezda Shipbuilding cluster, and will allow them to create new equipment.

"New 100m-long ships will be built with an aim to operate in the most severe conditions for Rosneft offshore projects."

Both the firms will also explore the possible development of the professional competences required to support the shipbuilding phase of the JV.

Rosneft CEO Igor Sechin said: "Partnership with the largest shipbuilding enterprise in Europe, with significant experience in ships and special equipment design and construction globally fully complies with Rosneft’s strategy of creating an advanced shipbuilding cluster in the Russian Far East.

"We are pleased to notice that the cooperation with the Italian partner provides for designing of the specific models of equipment for Zvezda shipbuilding center, having no counterparts on the Russian market".

Previously, the company signed an exclusive agreement with Far Eastern Shipbuilding and Ship Repair Center (FESRC) to place all orders for new marine equipment and vessels with its facilities, as well as contracts for the design, construction and delivery of two multipurpose ice-class supply vessels.

Under the deal, new 100m-long ships will be built with an aim to operate in the most severe conditions for Rosneft offshore projects in the northern seas.

Additionally, two more supply vessels will also be built at the Zvezda shipbuilding complex.

Separately, Rosneft has signed a contract with Pietro Barbaro to establish a joint venture for international sea freight.

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