POSCO Daewoo has signed a $150 million contract with PT PAL, Indonesia's state-run shipbuilder, to supply engines and other parts for the latter's patrol boats and other naval vessels.
The trading arm of steelmaker POSCO held a ceremony, Wednesday, in Jakarta, where CEO Kim Young-sang signed a memorandum of agreement with PT PAL CEO Firmansyah Arifin.
Under the deal, POSCO Daewoo will provide the Indonesian shipbuilder with various components necessary for building 10 patrol boats and one combat support ship over the next few years. Once completed, the ships will be delivered to the Indonesian Navy.
"The latest contract shows that we have been successful in doing business in Indonesia and earned a great deal of trust from our partners there," Kim said. "We will expand our reach to other areas of shipbuilding, such as offshore oil rigs, fishing vessels and cruise ships."
In 2003, the company also signed a contract with PT PAL to supply engines and other parts for two landing platform docks (LPD). Between 2006 and 2010, POSCO Daewoo supplied tools and materials to the Indonesian shipbuilder for construction of LPDs, while sharing its knowhow with local partners.
The trading firm is also seeking to sign parts supply contracts with shipbuilders in Brazil and other South American nations.
(Korea Times)
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