DSME buys into Angolan yard

Seoul: South Korea's Daewoo Shipbuilding & Marine Engineering has acquired a 30% stake in Porto Amboim Estaleiros Navais Limitada (PAENAL) Shipyard. ??DSME president Nam Sang-tae, Sonangol Holdings president Baptista Muhongo Sumbe (middle) and SBM Offshore president Francis Blanchelande put pen to paper on the contract in Luanda, Angola, on October 21st. ??PAENAL Shipyard is located near Porto Amboim, a city 300km south of Luanda. ??It was established as a joint venture between Angola's state-owned oil company Sonangol and Dutch offshore equipment specialist SBM Offshore in August 2008. ??With the latest deal signed, DSME and SBM now hold a 30% stake in the shipyard respectively and the remaining 40% is owned by Sonangol.  [26/10/10]