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FBR and Samsung Heavy Industries Execute Engineering Service Agreement

FBR Limited (ASX:FBR)

Robotic technology company FBR Limited (ASX:FBR, OTCQB:FBRKF) is pleased to advise that it has executed an Engineering Service Agreement with Samsung Heavy Industries (SHI) to deliver the first phase of a shipbuilding automation project.

Phase 1 will see FBR develop and conduct a physical demonstration and validation of a core technology module of a shipbuilding construction robot. Completion of Phase 1 is anticipated in five months or less.

Upon execution of the Engineering Service Agreement, FBR and SHI entered into a 10-year exclusive dealing relationship for the materials to be delivered in Phase 1.

FBR will be paid US$150,000 plus reasonable expenses and any additional fees incurred on a time and materials basis (with pre-approval from SHI) for the delivery of Phase 1 of the Engineering Service Agreement.

FBR and SHI intend to work on commercialisation business models for the shipbuilding construction robot in parallel to Phase 1 in preparation for potential subsequent phases.

To learn more about the Engineering Service Agreement between FBR and SHI, please visit FBR’s InvestorHub: https://investors.fbr.com.au/link/weYgoP

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About us:

About FBR Limited

FBR Limited (ASX: FBR; OTCQB: FBRKF) is commercialising Dynamic Stabilisation Technology (DST®) with long boom robotics including the Hadrian X robot, Wall as a Service (WaaS®) and future robotic applications in the shipbuilding, steel, and energy industries.

To learn more please visit www.fbr.com.au 

Contact details:

For more information, please contact:

Kiel Chivers
Chief Operating Officer
T: +61 8 9380 0240
[email protected]

Investor Relations
The Capital Network 
Julia Maguire
T: +61 2 7257 7338
E: [email protected]