KIAP provided legal support for Zvezda Shipbuilding complex in conclusion of transaction on launch of joint venture with Samsung Heavy Industries
KIAP lawyers provided legal assistance to Zvezda Shipbuilding complex within the preparation of documents and negotiations on the terms of the deal on the establishment of a joint venture with Samsung Heavy Industries. Zvezda Shipbuilding complex and Samsung Heavy Industries officially announced the establishment of a joint venture to manage construction projects at the SBC Zvezda with shuttle tankers with a deadweight of 42 to 120 thousand tons within the V Eastern Economic Forum, which was held during 4-6 September in Vladivostok.
Samsung Heavy Industries has extensive experience and expertise in design and construction of shuttle tankers. It is one of the "Big Three" shipbuilders in South Korea. Zvezda Shipbuilding complex is being established on the basis of Zvezda Far-eastern Shipyard by a consortium of investors headed by Rosneft. The project of the complex requires the construction of a heavy outfitting slipway, a dry dock, full-cycle production workshops, as well as workshops for the construction of offshore marine equipment.
Samsung Heavy Industries will provide SBC Zvezda with technical specifications, as well as the documentation of the basic and detailed project of the vessels, and will assist in the development of detailed design documentation for shuttle tankers jointly with Lazurit CDB JSC. In addition, under the terms of the transaction, the Korean company will provide technical support for planning, management and quality control during construction and installation works, procurement of materials and equipment; will provide engineering and technical support for the construction of shuttle tankers at SBC Zvezda. Samsung Heavy Industries will also train Russian personnel at their shipyard and organize practical trainings on similar projects.
It is worth to remind that earlier in 2017, KIAP lawyers helped to close SBC Zvezda's first deal of this type with another global leader in large tanker shipbuilding Hyundai Samho Heavy Industries Co. Ltd. (HSHI).
The total investment in the Zvezda Shipbuilding complex is currently estimated at more than 200 billion rubles.