Brazil’s EBX mining, energy and engineering conglomerate is reportedly planning to invest $1bn to construct a new shipyard.

The Rio de Janeiro-based company is planning a shipbuilding complex near the southern Brazilian city of Florianopolis.

EBX said it expects the 1.6-million-square-metre yard to start building drillships, fixed platforms, jackets and floating production, storage and offloading units (FPSO) by 2010.

The company is involved in oil and gas exploration through OGX, which controls 22 exploration blocks offshore Brazil.