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Singapore's SembMarine forms JV for Brazil shipyard

Mon Oct 1, 2007 9:37pm EDT

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SINGAPORE, Oct 2 (Reuters) - Singapore's SembCorp Marine (SCMN.SI), the world's second-largest maker of offshore rigs, said on Tuesday that its unit has entered a joint venture with Brazil's WTorre Group to own and operate a shipyard.

Brazilian state-run oil and gas firm Petrobras (PETR4.SA) has signed a 10-year rental contract to use the the shipyard, the marine engineering firm said in a statement.

The shipyard, sited in the Brazilian city of Rio Grande, will be completed in June 2008, SembCorp Marine said.



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