STX Europe to Invest in Brazilian Shipyard

4 March 2010 (Last Updated March 4th, 2010 18:30)

STX Europe has signed an agreement with PJMR to build a shipyard in Fortaleza, Brazil. The company said its subsidiary STX Norway Offshore will invest nearly $100m in the project over three years. Covering 320,000m2, the yard will produce 20,000t of steel a year. STX Europ

STX Europe has signed an agreement with PJMR to build a shipyard in Fortaleza, Brazil.

The company said its subsidiary STX Norway Offshore will invest nearly $100m in the project over three years.

Covering 320,000m2, the yard will produce 20,000t of steel a year.

STX Europe president of offshore and specialised vehicles Roy Reite said the deal was significant for operations in South America and the growing Brazilian oil and gas industry.

Production work is expected to start within two years.