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

Shipbuilding

Korean Shipyards in Troubled Water

Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg.

ABS Grants AIP for Jensen’s LNG ATB Design

A Jensen Maritime-designed, liquefied natural gas (LNG)-bunkering articulated tug-barge (ATB) has been granted approval in principle (AIP) by classification society American Bureau of Shipping (ABS).

SENER Presents on History of Ship Design

The COMPIT annual edition took part this year from May 11-13 in Ulrichshusen, Germany, with the participation of SENER. This event is an International Conference

Offshore

Korean Shipyards in Troubled Water

Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg.

NOIA Applauds RI Offshore Wind Project

National Ocean Industries Association (NOIA) president Randall Luthi issued a statement congratulating “steel in the water” for Deep Water Wind’s Block Island Wind Farm,

CAPE Holland Deploys New Vibro Lifting Tool

Earlier this week, during its first commercial application, the newly developed Vibro Lifting Tool (VLT) of CAPE Holland has successfully installed four piles in up to 90 meters water depth.

Finance

Petronas-led Consortium to Start Construction of B.C. LNG terminal Soon

British Columbia's finance minister Michael de Jong said that the construction of Petroliam Nasional Bhd’s (Petronas) $36 billion liquefied natural gas (LNG) export

SBM Offshore Completes $1.55 bln FPSO Financing

SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history.

NAT Buys 2 Suexmax Tankers

Nordic American Tankers Limited (NAT) acquires two modern Suezmax tankers, increasing the fleet to 26 vessels    Tanker shipping company NAT announced that it

Government Update

Malaccan Ports to Become Specialised Hubs

Plans are underway to convert seven Malaccan ports into specialized hubs for various sectors to spur the state's economic development, reports the Star.    The

Pearl Seas Cruises Adds Voyages to Cuba

Pearl Seas Cruises plans to launch a series of “cultural voyages” from the United States to Cuba beginning in the spring of 2016, the cruise line announced today.

FERC Approves Excelerate’s Offshore GasPort

Excelerate receives approval to move forward with the construction and operation of LNG terminal   On July 24, 2015, the U.S. Federal Energy Regulatory Commission

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.2393 sec (4 req/sec)