EMS Energy entered into an agreement with Koastal Industries to purchase 23.98% stake in Nosco-Vinalines Ships Repair Company (NVC) for S$6.4m ($5m), Seatrade Asia online reports.
EMS believes that the acquisition would present an opportunity to diversify its product and service portfolio from its current business of providing engineering solutions for the marine and oil and gas industries.
The 1,024,903 square metres shipyard will be developed in three phases over 15 years, with the first phase commencing from 2010 to 2015. The yard is expected to begin operations in the first half of 2013 upon completion of approximately 70% of the first phase.
Located in the Yen Hung District of Quang Ninh province, it will be the largest ship repair yard in Vietnam. The yard will be capable of servicing vessels up to 70,000 dwt.
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