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Japanese ready to sell stake in Brazilian shipbuilder Ecovix

With uncertainty from the Petrobras corruption scandal reverberating through Brazil’s economy a group of Japanese shipbuilders is ready to cut its losses and sell its 30% stake in Brazilian shipbuilder Ecovix, according to Reuters.

The Japanese group is led by multinational giant Mitsubishi Heavy Industries (MHI) and also includes Mitsubishi Corporation, Imabari Shipbuilding, Namura Shipbuilding and Oshima Shipbuilding.

It will sell its stake to Brazilian holding firm Jackson Empreendimentos, which already owns the other 70% of Ecovix.

Founded in 2010, Ecovix controls the Estaleiro Rio Grande (ERG) shipyard in the city of Rio Grande in the southern state of Rio Grande do Sul.

Some of ERG’s biggest commissions are looking uncertain because of the bribes-for-inflated-contracts corruption scandal – mainly a deal to build hulls for eight FPSO’s (floating production, storage and offloading units) for scandal-racked oil giant Petrobras, and a deal to build two drillships for Sete Brasil, which is also struggling.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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