Samsung Heavy Industries partners with India's Swan Defence

Samsung Heavy Industries' Vice President Namgung Geum-sung, right, and Vipin Kumar Saxena, CEO of India's Swan Defence and Heavy Industries, pose after signing a memorandum of understanding. Courtesy of Samsung Heavy Industries

Samsung Heavy Industries said Monday it has partnered with India's Swan Defence and Heavy Industries to collaborate in shipbuilding and offshore engineering.

Under a memorandum of understanding (MOU) signed earlier, the two companies will pursue cooperation in engineering, procurement and management of shipbuilding and offshore projects, Samsung Heavy said.

Swan Defence and Heavy Industries operates India's largest dry dock, capable of constructing very large crude carriers (VLCCs).

Samsung Heavy said the partnership will help it establish a foothold in India, with plans to gradually expand its business there.

The deal is part of Samsung Heavy's recent push to strengthen its global network, following its strategic partnership with U.S.-based Vigor Marine Group in August.