Samsung Heavy acquires 10 percent stake in Brazilian shipyard

Samsung Heavy Industries Co., the world's second-largest shipbuilder, said Tuesday it has purchased a 10 percent stake in Brazilian shipyard company Estaleiro Atlantico Sul for US$22 million.

The purchase is expected to help Samsung Heavy win orders for drill ships and oil rigs in Brazil as the Brazilian shipyard is scheduled to begin operations from September next year, the South Korean company said in a statement.

Source: http://www.tradingmarkets.com