Flowserve Licenses Propulsion Systems to Russian Shipyard

24 October 2010 (Last Updated October 24th, 2010 18:30)

Flowserve has signed a ten-year licence agreement with Zvezdochka Ship Repair Center in Russia for the purchase and production of thrusters for ship-propulsion systems. Under the agreement the US-based flow control producer will transfer the thruster technology to the Russian shipyard

Flowserve has signed a ten-year licence agreement with Zvezdochka Ship Repair Center in Russia for the purchase and production of thrusters for ship-propulsion systems.

Under the agreement the US-based flow control producer will transfer the thruster technology to the Russian shipyard in two phases.

In the first phase Flowserve will deliver the thruster components and provide engineering support, while in the second phase Zvezdochka will produce the majority of components and Flowserve will provide component and technology support.

According to Zvezdochka’s estimates, annual thruster sales in the shipbuilding markets of Russia and its adjacent countries could reach RUR8bn-10bn ($270m-$335m) over the next ten years.