STX To Build $1B Shipyard For Russia’s State-Run Shipbuilder, United Shipbuilding

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June 20, 2011

SEOUL (Dow Jones)–STX Group said Monday it had signed an initial agreement with United Shipbuilding Corp. to build a $1 billion shipyard in St. Petersburg for the Russian state-run shipbuilder.

STX Group will undertake engineering, procurement and construction on a lump-sum turnkey basis for the shipyard, the company said in a statement.

Meanwhile, STX Group said it’s in talks with clients in countries such as Brazil and United Arab Emirates on new shipyard projects.

-By Kyong-Ae Choi, Dow Jones Newswires

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