Iranian shipbuilder, ISOICO has signed a Memorandum of Understanding (MoU) with Russian shipyard, Krasnye Barrikady (Red Barricades) for rig construction cooperation and technology transfer, reported The Maritime Executive.

Red Barricades’ Managing Director, Alexander Ilyichev explained that his company was ready to send ship construction equipment to Iran under the agreement, given the financial and insurance support of the Russian government. According to Press TV, Ilyichev said that “The construction cycle is planned not for one year, but for decades”. He added that Iran was also interested in ordering new oil tankers for operation in the Caspian Sea.