Bids Submitted for Daewoo

Wednesday, September 10, 2008

POSCO and three other South Korean companies submitted their formal bids Tuesday for Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard, a state-run bank said.
Korea Development Bank (KDB) and state-run Korea Asset Management Corp. (KAMCO) are seeking to sell a combined 50.4 percent stake in the shipyard, which they bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt. KDB said it will pick a preferred bidder in October after allowing POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group to conduct a due diligence on Daewoo Shipbuilding for three weeks starting next week.
The deal, estimated to be worth as much as 7 trillion won (US$6.36 billion), has drawn much attention from potential bidders as the winner will likely gain a new growth engine from the shipyard's lucrative energy-related business and strong cash flows.
KDB and KAMCO plan to complete the sale of Daewoo Shipbuilding by the end of the year. Creditors are seeking to sell off other bailed-out firms, including Hynix Semiconductor Inc. and Hyundai Engineering & Construction Co.
So far this year, Daewoo Shipbuilding has won $10.9 billion worth of orders to build ships and offshore facilities, about 62 percent of this year's target of $17.5 billion. Its backlog has reached about $42 billion.

Source:  Trading Markets

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea.

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

Tsuneishi to build shipyard in Indonesia -

Philippine shipbuilder Tsuneishi Heavy Industries Inc plans to expand into Indonesia this year, said CEO Hitoshi Kono, adding that the firm plans to build a shipyard here.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0997 sec (10 req/sec)