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Wed 20 Jan 2010 08:20 AM

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Abu Dhabi ship builder eyes South Korea deals

Company signs agreement to explore shipbuilding, design opportunities.

Abu Dhabi Ship Building (ADSB) on Wednesday announced that it had signed a memorandum of understanding (MoU) with Korean officials to explore future collaboration.

The accord with the Korea Shipbuilders’ Association (KOSHIPA) and STX Offshore & Shipbuilding Co (STX), both of South Korea, does not involve specific contracts but is an "expression of intent that may lead to potential projects", ADSB said in a statement posted on the Abu Dhabi Securities Exchange (ADX) website.

It would look at possible joint ventures or other business opportunities in shipbuilding, ship design and system design and integration, the statement added.

Abu Dhabi Ship Building is listed on the ADX with approximately 40 percent of its shares owned by the Mubadala Development Company, 10 percent by the Abu Dhabi Government and 50 percent by shareholders.

The three parties said they will now form working groups to explore potential business opportunities.

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