The new jointly run shipyard will produce liquefied gas carriers, oil tankers, and oil and gas drilling installations to meet the needs of Russian industry.

In addition, the two companies signed a memorandum of intent with the Russian shipping company Sovcomflot to build two ice-class supply vessels.

Speaking at the ceremony, Igor Sechin, who is also chairperson of the board at United Shipbuilding Corporation, said that the joint venture agreement had been preceded by talks to develop a business plan for the new venture and determine the line of vessels it would produce. Sechin said the venture would operate at the Zvezda shipyard facilities on the Bolshoi Kamen bay, in the Primorye Territory.

The Deputy Prime Minister also said the Russian-South Korean partnership is developing as planned, adding that the new joint venture would allow Russia to construct large vessels to develop offshore hydrocarbon deposits in the Barents Sea, the Black Sea and the Sea of Okhotsk. Moreover, according to Sechin, the two parties designed the joint venture project to maximise the economic efficiency of ship production.

Another significant factor is the project's social significance, added the Deputy Prime Minister, saying that the new joint venture would provide prestigious jobs for residents of Russia's Far East. Sechin said the territory has a skilled workforce, which was taken into account during the project's development. The new facility will also bring business to Far Eastern companies that will supply components for the new shipyard's facilities.

The Deputy Prime Minister expressed hope that the venture with Daewoo Shipbuilding & Marine Engineering would turn the United Shipbuilding Corporation into one of the world's top three shipbuilders.