Russian United Shipping Corporation and Daewoo Shipbuilding and Marine Engineering have announced plans to build a $1.55bn shipyard in Russia’s Far East.

The companies are planning to produce ice-class vessels, gas tankers, floating natural gas plants and drilling ships at the shipyard in Bolshoy Kamen in the Primorye region.

United Shipbuilding will have a controlling stake in the venture, according to industry sources, and will be looking to produce the first vessel in 2012.