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 Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

Ferus Smit to Launch Newbuild Bulker

Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and last vessel of a series to be

Offshore

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1098 sec (9 req/sec)