Iran signed a major deal with Germany’s Nordic Yards, a global developer of maritime installations, ostensibly for the construction of offshore facilities, reported Press TV.

Nordic Yards signed the Memorandum of Understanding (MOU) with Iran Shipbuilding and Offshore Industries Complex (ISOICO).

The MoU is for the construction of various kinds of drilling rigs and the transfer of technology and also the joint marketing of mutual products and services.

Iran has rented rigs from international suppliers at high rates over the past few years, suffering from a shortage of drilling rigs – both offshore and onshore.

According to Hellenic Shipping News the Member of Board of German Nordic Shipbuilding Company Hans Jurgen signed the MoU, with Hurmozgan Governor General in attendance.

Managing Director of ISOICO Hamid Rezaeian Asl added that the transfer of know-how included software, construction of oil drilling rigs (Jack-up), ships and equipment as well as creating new markets and using each other capacities.

Rezaeian Asl said that ISOICO is the biggest shipbuilding company in the Middle East and is active in the field of engineering with 30 years experience in shipbuilding.