Korean Shipbuilders Buoyed By High Oil Prices

Tuesday, October 11, 2005
The sky-high price of international oil causing jitters in many sectors of the economy is being met with rather more cheer by Korean shipbuilders. High oil prices have resulted in a surge in orders for crude oil drilling facilities, which are the second-most profitable business for shipbuilders after liquefied natural gas vessels, according to a report on inadaily.com.

Sales of oil drilling facilities this year at the top three shipbuilders in Korea - Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding and Marine Engineering Co. - amounted to $4.7 billion as of last month. To put this in context, sales of such products at the three companies ran to just $1.8 billion for the whole of last year.

Hyundai Heavy Industries said last week it received an order for constructing a $1.3 billion crude oil export facility with the state-run Kuwait Oil Company. Daewoo Shipbuilding also received an order for $500 million of semi-submersible oil drill facilities by a Norwegian company, Seadrill, last month. In August, Samsung Heavy Industries won a contract to construct two ultra-deepwater drill ships, each worth $520 million, from the Swedish company Stena Drilling.

The three Korean shipbuilders say more big deals are imminent, as negotiations are underway with major oil developers from the United States and Europe.

(Source inadaily.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Offshore

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Det Norske to Restore Production at Alvheim after Leak

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.0728 sec (14 req/sec)