On July 14, 2009, Yan Yanovsky, Managing Director and Member of the Boards of Directors of United Industrial Corporation (OPK) and B.T. Ahn, Executive vice-president of Hyundai Heavy Industries (HHI) signed a cooperation agreement in the field of shipbuilding.

The main purpose of this agreement is to establish a cooperation which will include the mutual developing of shipbuilding projects, equipments and the designing of vessels.

According to this agreement Hyundai Heavy Industries, as a partner of OPK, will provide a support in the construction of new shipbuilding facilities, shipyard management and in the building of specific types of vessels, including gas-locomotives.

Hyundai Heavy Industries is a global leader in the shipbuilding industry, dedicated to develop continuously new shipbuilding technologies. Its major products include ocean-vessels, oil- and gas-supplying vessels, container ships and special carriers.

OPK’s shipbuilding assets consist of the Severnaya Verf shipyard, the Baltiysky Zavod plant and the design bureau Iceberg. OPK intends to modernize its shipbuilding assets and construct a modern shipbuilding complex with dry dock on large-capacity vessels, platforms and the production of offshore equipment. OPK is also taking part in several shipbuilding programs, favouring arctic shelf development.