A group of Japanese shipbuilders plans to sell 30% stake in Ecovix - Engevix Construções Oceânicas S.A. to Jackson Empreendimentos S.A. for a symbolic amount, Valor Economico reported. The group includes Mitsubishi Heavy Industries Ltd. (TSE:7011), Imabari Shipbuilding Co., Ltd., Namura Shipbuilding Co., Ltd. (TSE:7014), Oshima Shipbuilding Co., Ltd. and Mitsubishi Corporation (TSE:8058). Jackson Empreendimentos owns the remaining 70% of Ecovix, the controller of Estaleiro Rio Grande S.A. (ERG), adds the newspaper.

Mitsubishi Heavy Industries' Brazilian unit did not answer calls requesting comment. The sale comes as ERG's contract to build eight hulls for floating production ships known as FPSOs for Brazil's state-run oil company Petroleo Brasileiro SA is in jeopardy. Its contract to build drillships for Sete Brasil, another troubled Brazilian shipbuilder, is also in doubt.

There have been thousands of layoffs and suspension of most work. The shipyard is undergoing a restructuring aimed at finding a way to reduce $425 million owed to clients and suppliers, the newspaper reported.