S. Korea Invests to Increase Share in Offshore Plant Market

MarineLink.com
Monday, November 18, 2013
Geoje Shipyard: Image courtesy of SHI

South Korea plans to develop the offshore plant industry into a new engine for growth that will create over 10,000 new jobs by 2017, reports Yonhap News citing a government source.

The government plans to effectively implement its policy initiatives by jointly investing some 900 billion won ($848 million) with the private sector by 2017. The move comes as the global market for offshore plants is expected to grow by an average 6.4 percent per year from US$145.2 billion in 2010 to $230.3 billion in 2015 and to $503.9 billion in 2030, according to the Ministry of Trade, Industry and Energy, says Yonhap.

The Ministry adds that South Korea has clenched 39.5 percent of global orders for offshore plants in the first eight months of the year, but its market leadership is being seriously challenged by China, whose global market share jumped from 18.3 percent in 2012 to 30.8 percent for the January-August period, according to the ministry.

To further strengthen its global leadership, South Korea will seek to localize most parts and equipment for offshore plants, ranging from drilling systems for offshore oil platforms to valves and even bolts, reports Yonhap.

Source: Yonhap News

 

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

Shipbuilding

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

New Power Optimization Solution for LNG Carriers

NAPA and DSME launch tailored NAPA-DSME Power Solution for LNG carriers; leading LNG carrier shipyard offers specialized performance monitoring solution   South Korean shipbuilder,

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Offshore

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Finance

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Government Update

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair 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: 0.2145 sec (5 req/sec)