South Korea’s Daewoo Shipbuilding acquires stake in Angolan shipyard

27 October 2010

Seoul, South Korea, 27 Oct – Daewoo Shipbuilding and Marine Engineering, announced in Seoul that it has acquired a 30 percent stake in Porto Amboim Estaleiros Navais (Paenal) in Angola.

Daewoo, South Korea’s second biggest shipbuilder, indicated that the contract was signed last Thursday in Luanda and that it will take part in managing the Angolan shipyard. The value of the deal was not disclosed.

Paenal opened in August 2008 and results from a US$208.3 million investment by the partnership comprising the Angolan state oil company Sonangol Holdings (10 percent) and the Dutch service company SBM Offshore N.V. (90 percent).

Sonangol Holdings subsequently raised its stake in Paenal to 40 percent. The two other partners – Daewoo Shipbuilding and Marine Engineering and SBM Offshore N.V. – now split the rest with 30 percent each.

Sonangol has previously ordered liquid natural gas carriers from Daewoo Shipbuilding worth more than US$10 billion since 1995.

According to Daewoo, the three companies plan to invest US$100 million in Paenal, so that by 2012 it can be transformed into a technologically advanced shipyard with 2,000 tonne cranes and more dock-space.

In Africa, Daewoo maintains a shipping partnership with the state-held Nigerian National Petroleum Corp. and last July signed a preliminary agreement to acquire 49 percent of Impinda, a shipping company held by Khulubuse Zuma, nephew of South African President Jacob Zuma. (macauhub)