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Hyundai Heavy inks design licensing deal with Saudi Arabian shipyard

All Headlines 14:49 September 17, 2019

SEOUL, Sept. 17 (Yonhap) -- Hyundai Heavy Industries Group, South Korea's top shipbuilder, said Tuesday it has signed a vessel design licensing deal with Saudi Arabian shipyard International Maritime Industries (IMI) Co.

Hyundai Heavy said it inked the very large crude-oil carrier (VLCC) design licensing agreement with IMI in Dubai, the United Arab Emirates.

IMI is a joint venture among Hyundai Heavy, Saudi Aramco, Lamprell and Bahri.

Under the deal, Hyundai Heavy will provide architectural design of VLCC and support design-related technologies to IMI. In return, the South Korean company will collect royalties from IMI.

Hyundai Heavy said it also signed a contract with IMI and Bahri, Saudi Arabia's state-run shipper, to build a 319,000-ton VLCC. The VLCC will be constructed at Hyundai Heavy's shipyard in Ulsan, 414 kilometers southeast of Seoul, and delivered by the second half of 2021, according to the company.

In this undated photo provided by Hyundai Heavy Industries Group, Hyundai Heavy Industries Vice President Park Seung-yong (2nd from R) and International Maritime Industries Co. CEO Fathi K. Al-Saleem (2nd from L) sign a VLCC design licensing agreement in Dubai, the United Arab Emirates. (PHOTO NOT FOR SALE) (Yonhap)


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