Russian Sea Group and OSK announce a strategic partnership to build fishing fleet

OJSC "Russian Sea Group" (the "Company" or the "Group"), one of the leading Russian consumer food companies, and OJSC "United Shipbuilding Corporation" ("OSK") signed a strategic partnership agreement to project and build a modern fishing fleet. The agreement was signed by the Vice-President of "OSK" Dmitry Mironenkov and the Deputy CEO of "Russian Sea Group" Maxim Kljushin during the international shipping and shipbuilding exhibition "NEVA 2011".

In accordance with the agreement the parties plan to prepare and sign a contract on projection and building of up to 10 fishing vessels on "OSK" production facilities according to "Russian Sea Group" specification. The parties have also announced their intention to form a joint working group in order to organize the process and control the project's progress.

"Russian Sea Group" announces its new development strategy aimed at gradual entrance into the fishing sector. The Company sees serious prospects entering the fishery segment and plans to develop it on the basis of its strategic partnership with "United Shipbuilding Corporation". Having its own fish catch will provide the Company with the opportunity to reduce dependence on external suppliers of raw fish and ensure the Group's continued stable growth and development.

Maxim Kljushin, Deputy CEO of "Russian Sea Group", commented: "This partnership is one of the first steps for "Russian Sea Group" to enter the Russian fishing industry in cooperation with the largest Russian shipbuilding holding that integrates the majority of engineering and production enterprises of the industry".

"We consider the signed agreement the first step in the most important issue for Russia - revival of the strategic partnership of Russian shipbuilding and fishing industries. We understand that this project's implementation will be most eloquent argument in the old discussion regarding the perspectives of market cooperation of Russian shipbuilders and fishermans" - stressed the Vice-President of "OSK" Dmitry Mironenkov.