Association Says Korean Shipyards to Stay Ahead with Offshore Facilities

Shipyards of South Korea, are set to make efforts to develop offshore facilities in a bid to stay ahead of the field despite hot pursuit from rivals in Japan and China, an industry association said. Chief executives of the top three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- have decided in a recent meeting to expand exports in the industry's maritime facilities business to $10b by 2015 compared from the current $800 million, the Korea Shipbuilders' Association said. Source: Yonhap