Rolls-Royce underlines commitment to Vietnam's Marine Industry through MoU with Vinashin

Tuesday, 18 March 2008

Rolls-Royce, a world-leading provider of marine power systems and services, today signed a memorandum of understanding (MoU) with Vietnam Shipbuilding Industry Group (Vinashin) in Hanoi. The aim is to work together to help develop Vietnam's fast-growing marine industry.

Rolls-Royce, a world-leading provider of marine power systems and services, today signed a memorandum of understanding (MoU) with Vietnam Shipbuilding Industry Group (Vinashin) in Hanoi. The aim is to work together to help develop Vietnam's fast-growing marine industry.

The scope of the partnership will include identifying potential strategic partners for development of shared business interests, which include the delivery of propulsion systems as well as developing a sourcing strategy that enhances the business activities of both parties in Vietnam and for the export market. It will also develop a sourcing strategy that enhances the business activities of both parties in Vietnam and for the export market.

John Paterson, Rolls-Royce President - Marine, said: “This agreement provides the framework for the establishment of a strong relationship between Rolls-Royce and Vinashin. I am confident that this strategic partnership will help promote and develop the fast-growing marine industry in Vietnam and also enable Rolls-Royce to expand its marine capabilities in Vietnam and the region.”

The agreement also recognises Vinashin's goal of enhancing both management and technical skills of its workforce by including the development of a training structure which will call on the technical expertise of Rolls-Royce.

The signing ceremony was attended by John Paterson - President of Marine, Rolls-Royce and Pham Thanh Binh - Chairman & CEO of Vinashin, and other representatives.

Being the largest shipbuilder and industrial conglomerate in Vietnam, Vinashin Business Group not only represents approximately 80% of the domestic shipbuilding capacity, but also a diversified spectrum of products which includes ship repair, shipping and logistics, heavy industries, civil and offshore constructions, financial and research service. With a corporate structure currently overseeing of a handful of more than 200 subsidiaries and affiliates with 30 shipyards which employ an overall headcount of 60,000 people, Vinashin Business Group is by far among the most active industry player in Vietnam and also being considered a new yet potentially powerful participant in the international market.

Rolls-Royce, a world-leading provider of power systems and services for use on land, at sea and in the air, has over the last ten years established a strong position in fast growing global markets - civil aerospace, defence aerospace, marine and energy.
  
The Marine business employs 7,400 people in 34 countries with the main manufacturing centres being in the UK, the Nordic countries, the United States and increasingly Asia.
  
Rolls-Royce has 18 facilities and regional offices across Asia, employing more than 1,500 people. The new regional office in Hanoi, Vietnam, which has been active since October 2007 was officially opened in Jan 2008.
  
In the energy sector, Rolls-Royce won contracts in 2006 to install the first Rolls-Royce gas turbines in Vietnam. Two Avon gas turbine-powered compression systems have been ordered for installation on a platform in the Su Tu Vang offshore field.
  
In civil aerospace, Vietnam Airlines has selected the V2500 engine in 2006 to power ten Airbus A321 aircraft for its fleet expansion in a deal worth around $55 million to Rolls-Royce. Rolls-Royce is a principal shareholder in the IAE International Aero Engines consortium, which also comprises Pratt & Whitney, the Japanese Aero Engines Corporation and MTU Aero Engines.
  
Rolls-Royce employs around 39,500 people in 50 countries. Annual sales were £7.4 billion in 2007, of which 88 per cent were to customers outside of the UK. The firm and announced order book at the end of 2007 was £45.9 billion, of which aftermarket services represented around 25 per cent, providing visibility of future levels of activity.
Rolls-Royce invests in core technologies, products, people and capabilities with the objective of broadening and strengthening the product portfolio, improving efficiency and enhancing the environmental performance of its products. Capital and IT investments made by the Group over the last five years exceeded £1.0 billion.
 
Rolls-Royce is working hard to improve the environmental impact of its products. Each year Rolls-Royce, in collaboration with its partners, invests around £820 million on research and development, two thirds of which has the objective of reducing the environmental impact of its products. This technology investment is primarily aimed at reducing noise and emissions.
  
The Group has a total of 54,000 gas turbines in service worldwide, which generate demand for high-value services throughout their operational lives. It has a broad customer base comprising 600 airlines, 4,000 corporate and utility aircraft and helicopter operators, 160 armed forces, more than 2,000 marine customers, including 70 navies, and energy customers in 120 countries.
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