Brendan Jeong News

Shipbuilding Orders to Surge on Energy Demand

According to a May 17 report from Bloomberg, Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipyard by orders, aims to almost triple contracts for offshore facilities this year. The company may win $5b worth of orders for drilling rigs and floating production facilities this year, compared with $1.8b last year, Executive Vice President Brendan Jeong said. Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. have also predicted a jump in offshore orders this year, undeterred by an oil-rig leak triggering a drilling ban in the Gulf of Mexico. Oil companies including Royal Dutch Shell Plc and Petroleo…