Doosan Heavy Industries Construction Co News

London Offshore Consultants (LOC) has clinched its first ever windfarm project work in the Asia Pacific region. LOC in Korea has been jointly appointed by reinsurers Swiss Re and Korean Re as the marine warranty surveying service provider for the Tamra Wind Farm project. This is the first offshore wind farm project in Korea located off the coast of Jeju Island about 0.5 – 1.0km from the shore. “We are delighted to have a chance to work closely withTamra Offshore Wind Power Co., Ltd., a local developer which is owned by Korea South East Power Co., Ltd., and the respected local manufacturer of wind turbine generators, Doosan Heavy Industries & Construction Co., Ltd.,” said Jonathan Walker, Regional Director of LOC.

Doosan Heavy Industries & Construction Co., Ltd., Gyeongnam, Korea, is being awarded a $9,577,300 modification under a previously awarded firm-fixed-price contract (N62470-10-C-8009) to exercise Option 1 which provides for the procurement of second ship-to-shore container cranes for Military Ocean Terminal, Sunny Point wharf. The work to be performed provides for fabrication of ship-to-shore container cranes used in container handling operations to load and off load ships and other vessels. The cranes are manufactured in different sizes and varying capabilities. The total contract amount after exercising this option will be $27,500,000. Crane manufacturing work will be performed in Changwon, Korea, and crane installation and utilization will be performed in Southport, N.C.

STX Shipbuilding Co., the world's fifth-largest shipyard, fell the most in two months in Seoul trading after six executives at a unit were indicted for stealing technology from a rival. The shipbuilder's shares dropped 7.3 percent to 53,000 won at the close. The stock has fallen about a third since Nov. 8, the day before prosecutors detained two of the six executives. The six executives took files with them when they left Doosan Heavy Industries & Construction Co. to join STX Heavy Industries Co., said the official in charge of the case at the prosecutors' office in Seoul. STX Corp., the shipbuilder's biggest shareholder, declined 7.2 percent to 88,200 won. Doosan Heavy gained 0.7 percent to 139,000 won after falling as much as 9.1 percent. Source: Bloomberg