DSME Enters Shipbuilding Deal with Iran

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) and Industrial Development and Renovation Organization of Iran (IDRO) have agreed a mutual cooperation related to the Iranian shipbuilding industry.

The parties signed a Head of Agreement (HoA), under which they plan to establish a Joint Venture company (JVC) to develop an Iranian shipyard through cooperation with DSME Okpo Shipyard on engineering and construction of the needed types of vessels.

“IDRO has been seeking a partner having advanced technologies and experience in order to build the vessels in Iran on time for the fleet expansion of Iranian shipping companies and DSME has been selected finally,” the Korean shipbuilding giant said.

The Iranian Government already voiced its support for the business cooperation, requesting support from the Korean Government and DSME in various sectors, including financing and providing of material package, DSME said.

Since 1983, DSME delivered a total of 38 vessels valued at USD 1.65 billion to Iranian shipping companies NITC and IRISL.