DSME signed an agreement with Russian United Shipbuilding Corporation (USC) to build a joint shipyard in Zvezda near Vlasvosto in Moscow.
Both companies had previously reached an agreement to modernize the Zvezda shipyard last year, then extended that agreement into a joint venture.
The joint shipyard is planned for completions before the 2010 Asia-Pacific Economic Cooperation (APEC) Summit which will be held in Vladivostok.
Currently, the Zvezda shipyard constructs and repairs only Russian naval vessels on 600,000 square meters of land. With this contract, DSME will construct state-of-the-art shipyard facilities such as a dry dock and a Goliath crane. The yard will be extended by 1 million square meters to take up 1.6 million square meter of land in order to build large commercial vessels and offshore plants.
DSME expects to secure new orders from Russia through this agreement by agreeing to continue building vessels for the Zvezda shipyard.
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