DSME to Buy Stake in Angolan Shipyard

26 October 2010 (Last Updated October 26th, 2010 18:30)

Daewoo Shipbuilding & Marine Engineering (DSME) has agreed to buy a 30% stake in Angolan shipyard Porto Amboim Estaleiros Navais Limitada (PAENAL) for an undisclosed amount. Following the stake purchase, Angolan company Sonangol Holdings will hold a 40% stake in the yard an

Daewoo Shipbuilding & Marine Engineering (DSME) has agreed to buy a 30% stake in Angolan shipyard Porto Amboim Estaleiros Navais Limitada (PAENAL) for an undisclosed amount.

Following the stake purchase, Angolan company Sonangol Holdings will hold a 40% stake in the yard and SBM Offshore will hold the remaining 30%.

The Korean shipbuilder and PAENAL owners Sonangol Holdings and SBM Offshore plan to invest $100m in the yard by 2012 to add more piers and a 2,000t crane.

Daewoo said the investment will give it an advantage to win offshore projects in the West Africa region, according to Bloomberg.