Monday, September 15, 2008

South Korea’s big three shipyards breach $10 bln mark for new orders booked this year

South Korea's two largest shipyard groups have each won hefty new contracts - meaning that all of the country's Big Three yard groups have now breached the USD10bn mark for new orders booked this year.

Daewoo Shipbuilding & Marine Engineering (DSME) announces it has just landed orders worth USD430m, for one Taiwanese LNG carrier and two LPG tankers for Brave Maritime Corp of Greece, all to deliver in 2010. The contracts take the total of orders won this year to USD10.2bn, past the group's 2006 target of USD10bn - which has now been increased to USD12bn, almost twice 2005's total of USD6.8bn. Last week Hyundai Heavy Industries (HHI) also broke the USD10bn barrier, winning a USD1.6bn contract from the Abu Dhabi Marine Operating Company subsidiary of Abu Dhabi oil major ADNOC to build three fixed platforms for the Um Shaif oil and gas project, believed to be the world's largest ever single offshore construction award.
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