Daewoo Buys Stake in Angolan Shipyard

According to a report from Bloomberg Daewoo Shipbuilding & Marine Engineering Co. agreed to buy a 30% stake in an Angolan shipyard, its first investment in an African shipbuilder, as oil drilling off the continent’s coast spurs demand for rigs. The Korean shipbuilder and Porto Amboim Estaleiros Navais Limitada’s existing owners, Sonangol Holdings and SBM Offshore NV, plan to invest around $100m in the Angolan yard by 2012 to add more piers and a 2,000-ton crane, the report cited Daewoo as saying.

(Source: Bloomberg)