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Aker Kvaerner Awarded Contract with Daewoo

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semi submersible drilling rig ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately $86m. The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work for Aker Kvaerner MH is to deliver a complete drilling package including engineering, equipment deliveries and commissioning services. The ultra deepwater semi-submersible drilling rig is scheduled for delivery in 2009. The drilling rig will be designed for world-wide operation in harsh environment, including operation on the Norwegian continental shelf.


Aker Kvaerner Awarded Drilling Equipment Contract

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semi submersible drilling rig ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately USD 86 million. The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006


Aker Kvaerner to Deliver Mooring Equipment to Daewoo

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea for delivery of mooring equipment. The total contract value for Aker Kvaerner is approximately NOK 60 million. The contract involves supply of mooring equipment for two semi-submersible drilling rigs to be built at Daewoo Shipbuilding & Marine Engineering Co. Ltd for the Norwegian rig owner SeaDrill. Four sets of double mooring winches and eigth underwater fairleads will be


Daewoo wins $430m Contract to Build Drill Ship

Daewoo Shipbuilding Marine & Engineering Co., won a $430m order to build an offshore drill ship. The deal from Odfjell Invest Ltd. calls for Daewoo Shipbuilding to deliver the semi-submersible ship by June, 2010, the company said. Daewoo Shipbuilding said that the deal includes an option to build another drill ship. The company won a total of $4.3 billion worth of orders in 2006 to build offshore facilities such as platforms and rigs


Daewoo Shipbuilding Opens N American Plant

According to a report from Steel Guru, Korea based Daewoo Shipbuilding & Marine Engineering and the Premier of Nova Scotia, Canada, celebrated the grand opening of DSME Trenton Ltd on June 14th 2011.   Source: Steel Guru  


Daewoo Shipbuilding to Restructure Following Dramatic Q2 Loss

Firm to sell non-core assets, exit from non-essential businesses; Daewoo reported $2.6 bln operating loss in Q2. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd said on Monday it would sell non-core assets, and shut down or exit non-essential units as part of restructuring after a multi-billion dollar loss in the April-June quarter. Daewoo Shipbuilding late last month reported a provisional second-quarter operating loss of 3.03 trillion won ($2


Daewoo Shipbuilding Wins 606-bln Deal

According to Asia Pulse Data Source, Daewoo Shipbuilding & Marine Engineering Co., has won a deal valued at 606 billion won (US$647 million) to build a drill ship. The deal calls on Daewoo Shipbuilding to deliver the vessel by July 2011, the company said in a regulatory filing, without identifying the customer. Daewoo Shipbuilding has won more than $22 billion worth of contracts so far this year to build 136 vessels.


Posco Seeks Partner for Bid

Doosan Group pulled out of the bidding for Daewoo Shipbuilding, driving down shares of one of the world's biggest shipyards.  South Korean steel maker Posco was reportedly seeking partners to bid for Daewoo Shipbuilding & Marine Engineering in a deal that would value the shipbuilder at as much as $9.6b.  Shares in Doosan Group companies rose after it said it would not bid for Daewoo, easing concerns over the financial health of the conglomerate


Hyundai, 2 Affiliates Go for Daewoo

Hyundai Heavy Industries said it will make an independent bid together with its two affiliates for a controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME), according to Korea Times. The remarks come after SK Energy said it is considering joining a consortium led by POSCO. Industry experts say SK Energy will join the POSCO-led consortium and plans to invest less than about $90m, a token amount for the size of Daewoo Shipbuilding.


Korea Shipbuilders Win Orders Worth $1B

According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year


DSME to Manage Iranian Shipbuilder

Pic: Iran Shipbuilding & Offshore Industries Complex co .

 Daewoo Shipbuilding & Marine Engineering Co. (DSME) has signed a business agreement with the Iranian government on operation and technology instruction for Iranian state-run shipbuilder Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO), reports the Pulse.  


NASSCO Delivers Second ECO Tanker to APT

ECO Class tanker is one of the most fuel-efficient and environmentally friendly tankers in the world Photo NASSCO

On Thursday, May 19, shipbuilders at General Dynamics NASSCO delivered the Magnolia State to longtime customer American Petroleum Tankers (APT). The ECO Class tanker is one of the most fuel-efficient and environmentally friendly tankers in the world and symbolizes the emerging future of green


DSME Reveals Additional Self-Restructuring Plan

Photo: Daewoo Shipbuilding and Marine Engineering

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.   The company’s creditors, led by the state-run Korea Development Bank


DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

Yamal LNG project. Photo: PAO Sovcomflot

 South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.   According DSME statement the vessel, which was originally scheduled for June this year re-set the


Daewoo Shipyard Posts Q1 Operating Loss

Photo: Daewoo Shipbuilding & Marine Engineering Co

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects.   First-quarter operating loss came to 26.3 billion won ($22.8 million) , sharply narrowing from an operating loss of 1


Massive Layoff Ahead for Hyundai Heavy

Photo: Hyundai Heavy Industries Co., Ltd. (HHI)

 Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources.   Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global


No Merger for Ailing Korean Shipmakers

Photo: Hyundai Heavy Industries

 The South Korea government plans to drop its forceful measures to push ailing local shipbuilders to merge with each other as mergers or additional cash outlays to Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) are unlikely


Wärtsilä Propulsion for First UK Dual-fuel Ships

Wärtsilä DF dual-fuel engines Photo Wartsila

he first ever UK domestic dual-fuelled new build vessels will feature fully integrated Wärtsilä propulsion machinery packages. Wärtsilä will also supply extended engineering and site support services. The two ships, both 102 metre long ro-ro passenger ferries


Hyundai Heavy Industries Shedding Jobs, 'Non-Core' Assets

An LNG vessel being built at Hyundai Heavy Industries in Korea (Credit: HHI)

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder by revenue, will slash more jobs and sell non-core assets as part of efforts to cope with shrinking orders, it said on Monday. The South Korean government has urged ailing industries to speed up restructuring efforts


MOL Clinches FSRU Charter Deal

Gas Sayago President César Briozzo, right,and Lakler President, (MOL Director, Senior Managing Executive Officer) Takeshi Hashimotoat the signing ceremony Photo MOL

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced that Lakler S.A., 100% subsidiary of MOL has officially agreed to conclude a charter contract, with an eye toward reaching a final deal in June this year, with Gas Sayago


With Zero Orders in April, Korean Shipbuilding Goes Dark

Photo: Samsung Heavy Industries

Korean shipbuilders, who once dominated the global market, received zero orders in April, says Clarksons Research Services.   A report in Korea JoongAng Daily says that out of the 31 orders placed in April worldwide, 18, or 48 percent of the total, went to Chinese shipyards


ABS Spearheads Offshore Standardization JIP

 ABS Spearheads Offshore Standardization JIP   Classification society ABS convened industry partners at the Offshore Technology Conference on Wednesday, May 4, to sign a memorandum of understanding (MOU) establishing a unified joint industry project (JIP) for standardization


As Korean Shipyards Founder, Central Bank Dragged into Rescue Bid

They are South Korea's "too-big-to-fail" firms - the world's largest shipbuilders that are both a massive economic force and an important national symbol - and the government wants the central bank to fund an unconventional rescue of the sector.  


ASL Marine Secures New Contracts

 Photo:  ASL Marine Holdings Ltd

 Shipbuilder ASL Marine  has secured a total S$156 million worth of contracts from its shipbuilding, shiprepair & conversion, shipchartering and dredging engineering divisions.   The contracts secured are mainly from repeat customers in the region as well as in the Middle East


South Korean Shipbuilders’ Off-Shore Debts

Image: Daewoo Shipbuilding & Marine Engineering

 Beleaguered South Korean  shipbuilders's total liabilities as of the end of last year for their 34 overseas affiliated companies have reached 5.3584 trillion won (US$4.65 billion), up 28.7% compared to five years ago, reports BusinessKorea.  






 
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