United Industrial Corporation (OPK) and Samsung Heavy Industries Have Signed a Memorandum for the Development of Shipbuilding Equipment

MOSCOW - On June 19, 2009 United Industrial Corporation (OPK) and Samsung Heavy Industries Co., Ltd. (SHI, Korea) signed a memorandum for mutual business cooperation, during SHI representatives’ visit to St. Petersburg Baltiysky Zavod and Severnaya Verf.

The main purpose of this memorandum is a cooperation to create a new shipbuilding complex at Severnaya Verf. Both companies show interest in participating in a tender for the construction of ships for transportation of natural gas and offshore equipment for Russian customers, as well as the development of new business projects.

Particularly, both companies aim at an efficient discussion and a mutually beneficial cooperation, in line with the Gasprom PLC program for technological navy construction, favouring Russian shelf development with the construction of vessels and navy equipment.

The signing parties have great experience in shipbuilding. Samsung Heavy Industries is using the most progressive technologies in shipbuilding and shipyard management. The company is interested in OPK for the development of business activities in Russia. OPK will modernize its shipbuilding assets and by means of it build a modern shipbuilding complex with large-capacity vessels, platforms, supplying dry dock vessels. Samsung Heavy Industries intends participating in the company’s shipbuilding program, in order to favor arctic shelf development.

About OPK

United Industrial Corporation (OPK) is a diversified holding company with total value of assets of more than US$13 billion. OPK develops and manages an investment portfolio in major sectors of the Russian economy, including the financial sector, real estate development, shipbuilding, mining and media. For more information please visit the OPK website eng.opk.ru/

Source: OPK

Press contact: Ogilvy Public Relations, Sabina Lindstedt, E-mail: opk at ogilvy.com