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Oil Drilling Facilities News

11 Dec 2006

S. Korea's Shipbuilders Exceed $30b

According to Korea Herald, South Korea's top three shipyards won stronger-than-expected shipbuilding orders worth over US$30 billion in the first 11 months of the year on strong contracts, industry sources said Sunday. The three -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- clinched orders worth a combined $35.6 billion for ships and marine oil-drilling facilities by the end of November, the sources said. They surpassed their yearly target of $28.5 billion by 25 percent and the value of their full-year orders is forecast to exceed the $37 billion, given ongoing contracts, they said.

11 Oct 2005

Korean Shipbuilders Buoyed By High Oil Prices

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.

28 Oct 2005

HHI Capitalizes on Offshore Business

The name Hyundai Heavy Industries (HHI) usually comes up with a name tag of the worlds largest shipbuilder. But the Ulsan-based company is now dreaming of becoming more than just a shipbuilder, as they have found out that selling offshore oil drilling facilities and industrial plants can be lucrative businesses especially with the soaring oil price, according to a report in the Korea Times. Earlier this month, the company won a $1.3-billion contract from Kuwait Oil Company in upgrading their crude oil export facilities by beating a consortium led by Spanish and Italian companies. It was the largest overseas construction deal won by a South Korea company this year, amounting more than 80 percent of the company’s total sales of such products last year.