Daewoo Forms Joint Venture with Nigerian National Petroleum
Daewoo Shipbuilding & Marine Engineering Co Ltd will enter the shipping business by forming a joint venture company with Nigerian National Petroleum Co, Daewoo Shipbuilding said. The joint venture, tentatively named Nigeria Daewoo Shipping Ltd, will have a capital base of 10 mln usd, with Daewoo Shipbuilding owning 51 pct and Nigerian National Petroleum the rest, Daewoo Shipbuilding said. Daewoo Shipbuilding will be in charge of the management and Nigerian National Petroleum will supply crude oil for shipping. Source: Forbes
Daewoo Shipbuilding Wins 606-bln Deal
According to Asia Pulse Data Source, Daewoo Shipbuilding & Marine Engineering Co., has won a deal valued at 606 billion won (US$647 million) to build a drill ship. The deal calls on Daewoo Shipbuilding to deliver the vessel by July 2011, the company said in a regulatory filing, without identifying the customer. Daewoo Shipbuilding has won more than $22 billion worth of contracts so far this year to build 136 vessels.
Daewoo to Develop Iranian Shipyard
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran. Under the deal with the Industrial Development and Renovation Organisation of Iran, Daewoo Shipbuilding will work on constructing a shipyard and related facilities in Iran, according to Yonhap News Agency. The parties plan to establish…
Pension Fund Set to Scrap Plan to Bid for Daewoo
AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence. The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding. Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard. The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil. State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won.
Daewoo wins $430m Contract to Build Drill Ship
Daewoo Shipbuilding Marine & Engineering Co., won a $430m order to build an offshore drill ship. The deal from Odfjell Invest Ltd. calls for Daewoo Shipbuilding to deliver the semi-submersible ship by June, 2010, the company said. Daewoo Shipbuilding said that the deal includes an option to build another drill ship. The company won a total of $4.3 billion worth of orders in 2006 to build offshore facilities such as platforms and rigs. For the year, Daewoo Shipbuilding expects more than $3 billion in orders to build such facilities. So far this year, Daewoo Shipbuilding has won $1.65 billion worth of orders to build ships and offshore facilities, about 15 percent of this year's target of $11 billion. Source: Yonhap
Doosan Drops out of Daewoo Bid
Doosan Group pulled out of the bidding for Daewoo Shipbuilding, while steel firm POSCO said it was seeking partners to make a bid. POSCO, the world's No.4 steelmaker and a strong candidate for the Daewoo deal, wants to partner with a financial firm and 's National Pension Service (NPS) to bid for Daewoo Shipbuilding, reports said. The developments reflect expectations that a hefty premium for Daewoo Shipbuilding could double the value of a deal to $7.8-$9.6m and that tight credit market conditions are squeezing potential buyers. Source: Reuters
Daewoo Wins $800m in Contracts
According to reports, Daewoo Shipbuilding Marine & Engineering Co., won $800min orders from several European companies to build three bulk carriers and one offshore drill ship. The deals require Daewoo Shipbuilding to deliver the vessels by June 2010, the company said. It did not identify the companies that made the orders. Daewoo Shipbuilding said it has received shipbuilding orders valued at $8.36 billion so far this year, achieving more than 80 per cent of this year's target of $11 billion. Source: Business in Asia Today
Daewoo Wins $504m Contract to Build Drill Ship
According to the Asia Pulse, the Daewoo Shipbuilding Marine & Engineering Co., said it had won a 504m order to build an offshore drill ship. The deal, from a U.S. company, calls for Daewoo Shipbuilding to deliver the semi-submersible ship by February 2010. The South Korean company won a total of $4.3b worth of orders in 2006 to build offshore facilities such as platforms and rigs. For 2007, Daewoo Shipbuilding expects more than $3b in orders to build such facilities. Source: Business in Asia
Daewoo Shipbuilding Wins Orders Worth $280m
Daewoo Shipbuilding and Marine Engineering said its shipyard in Romania has secured $280m worth of new orders to build four container ships for two German clients. Daewoo Mangalia Heavy Industries will build two Panamax carriers for Gebab Holding and another two for Conti Holding by October 2009 under the deals, its Seoul-based parent company said. The latest contracts would boost business performance in the Romanian shipyard in Mangalia, acquired by Daewoo Shipbuilding in 1997 and turned around into profitability in 2000, the parent firm said. Source: Forbes
Daewoo Shipbuilding Wins $500m Deal
Daewoo Shipbuilding and Marine Engineering Co. said it has won a $500m order to build five container ships for a German shipping company. The deal calls for Daewoo Shipbuilding to deliver the ships, which can hold 4,700 20-foot standard containers, to Hamburg Sud, one of the largest ship lines, by 2010, the company said. The vessels will be built at Daewoo Shipping's yard in Romania, it said. (Yonhap)
Daewoo Shipbuilding Gets Offshore Plant Order-2
Daewoo Shipbuilding received an offshore plant order, with the contract awarded on a turnkey basis, meaning Daewoo will not only build, but also operate the platform. With the new order, Daewoo Shipbuilding's offshore facility orders secured this year have reached $3.72b, exceeding its 2006 target of $3b. Its total new orders in 2006 amount to $9.26b so far. (Source: Easy Bourse Communiqués de presse)
Daewoo Wins $766m Tanker Deal
Daewoo Shipbuilding & Marine Engineering Co., said that it has won a deal worth $766m to build five oil tankers. The deal from Oman Shipping Co. calls on Daewoo Shipbuilding to deliver the vessels by April, 2012, the shipbuilder said in a regulatory filing. Daewoo Shipbuilding has received $1.27 billion in orders this year, and expects orders to fall 19 percent this year. (Source: Yonhap)
Daewoo Gets $155M Order For Tankers
Daewoo Shipbuilding and Marine Engineering Co., Ltd. has won a $155 million order to build five oil tankers for Stelmar Shipping. Daewoo Shipbuilding will construct five crude oil tankers, which carry 69,000 tons of crude oil each. The ships will be delivered to the Greek company by the end of 2004, according Daewoo Shipbuilding.
Daewoo Wins $602m Deal
Daewoo Shipbuilding & Marine Engineering Co., has won a deal worth $602mto build eight container ships, Korea Times said. The deal with a European shipping company entails Daewoo Shipbuilding to deliver the vessels by January 2011, the shipbuilder said in a regulatory filing. The shipyard has clinched deals valued at $1.9b to build 15 ships so far this year. Daewoo Shipbuilding aims at winning $17.5b worth of orders this year.
Daewoo Stake Sale Held Up On Price
South Korea's plan to sell a stake in Daewoo Shipbuilding to an Australian firm has stalled and other options to lure foreign capital are being considered, officials at Daewoo and its creditors said. Differences over how to value Daewoo's share price and how well qualified the Australian company is to hold a stake in a shipbuilding firm have helped stall the deal, they said. Newcastle, a company formed by Australia-based investors, expressed interest in Daewoo Shipbuilding early in 2000. Officials at Korea Development Bank (KDB), the main creditor of Daewoo Shipbuilding, said the bank's last official contact with Newcastle was in August. "The price the Australian company has in mind appears to be based on the concept that Daewoo Shipbuilding is a bankrupt company," said I.R.
Daewoo Shipbuilding Wins Orders Worth $600m
Daewoo Shipbuilding & Marine Engineering Co., has won three orders worth a combined $600m to build six ships for three companies in Russia, Africa and Europe. Daewoo Shipbuilding & Marine Engineering will construct two crude oil carriers for Sovcomflot Group, Russia's largest shipping company, two tankers for a company in Liberia and two car carriers for Leif Hoegh & Co., a Norwegian shipper. The ships will be delivered to the companies by January 2011. Source: Business in Asia Today
Daewoo Wins Deals for Drill Ships
Daewoo Shipbuilding & Marine Engineering Co., has won deals worth $1.46b to build two drill ships. The deal with two American companies calls on Daewoo Shipbuilding & Marine Engineering to deliver the vessels by September, 2011, the shipbuilder said in a statement. Daewoo Shipbuilding said the deal includes an option to build another drill ship. With the contracts, the shipyard has won deals worth $4.1b to build offshore facilities such as platforms and rigs. For the year, the shipyard expects more than $6b in orders to build such facilities. So far this year, Daewoo Shipbuilding has won $10.9b worth of orders to build ships and offshore facilities, about 62 percent of this year's target of $17.5b.
Hyundai, 2 Affiliates Go for Daewoo
Hyundai Heavy Industries said it will make an independent bid together with its two affiliates for a controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME), according to Korea Times. The remarks come after SK Energy said it is considering joining a consortium led by POSCO. Industry experts say SK Energy will join the POSCO-led consortium and plans to invest less than about $90m, a token amount for the size of Daewoo Shipbuilding. Hyundai Heavy submitted a letter of intent to bid for DSME a week ago. Other bidders include POSCO, Hanwha and GS Group. Reports indicate that Daewoo Shipbuilding may go up to 10 trillion won in its total price with the four companies courting it.
S. Korea Daewoo Shipbuilding Cancels Order
Reports indicate that South Korea's Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said Monday that it has canceled an order, received in October, for two vessels worth KRW409.1 billion. Daewoo Shipbuilding decided to terminate the contract as the buyer failed to make a payment by the due date, the South Korean shipbuilder said in a filing to the Financial Supervisory Service. In October, Daewoo Shipbuilding said that it received an order from Singapore's Frigstad Offshore Drilling Ltd. to build two semi-submersible drilling vessels for delivery by June 2009. Officials at the Singaporean company could not be immediately contacted for comment.
Daewoo Clinches $531m Order
Bloomberg has reported that Daewoo Shipbuilding & Marine Engineering Co., said it has received a $531m order to build container ships for a customer in Panama. The Seoul-based company will build an unspecified number of container ships and deliver them by April 30, 2010, Daewoo said in a regulatory filing to the Korea Exchange today, without revealing the identity of the customer. Daewoo and South Korea's six other shipbuilders, which built 38 percent of vessels delivered globally in 2005, said this month they may raise prices of ships to take advantage of record orders and protect their profits from increasing steel costs. Daewoo Shipbuilding earned a net income of 19.9 billion won in May, compared with a loss of 19.9 billion won in the same month last year, the company said.
Posco Seeks Partner for Bid
Doosan Group pulled out of the bidding for Daewoo Shipbuilding, driving down shares of one of the world's biggest shipyards. South Korean steel maker Posco was reportedly seeking partners to bid for Daewoo Shipbuilding & Marine Engineering in a deal that would value the shipbuilder at as much as $9.6b. Shares in Doosan Group companies rose after it said it would not bid for Daewoo, easing concerns over the financial health of the conglomerate, which has made a series of acquisitions including last year's $4.9 billion cash deal for the U.S.-based Bobcat machinery business. Posco, a steel giant and a strong candidate for the Daewoo deal, wants to join with a financial firm and 's National Pension Service to bid for Daewoo Shipbuilding, said a person with direct knowledge of the situation.
Daewoo Lands $340 Million LNG Order
South Korea's Daewoo Shipbuilding and Marine Engineering said on Tuesday it had won a combined $340 million order to build liquefied natural gas (LNG) carriers from Belgium and Norway. Daewoo Shipbuilding won orders to build a $170 million LNG ship each from Belgian shipping group CMB unit Exmar and Golar LNG of Norway, a company spokesman said. Daewoo's LNG orders totaled 10 ships worth $1.7 billion so far this year, he said.
Daewoo Shipbuilding Wins Freighter Order, Close to Topping $17B Target
Daewoo Shipbuilding & Marine Engineering said that its Romanian joint venture Daewoo Mangalia Heavy Industries Shipyard won an order for nine 5,550 TEU freighters (capable of carrying 5,500 20-foot containers) from a European shipping company. So far this year Daewoo Mangalia has secured a record $1.92b worth of orders for 21 ships, topping the $1b mark for the first time in its history. In 1997, when the company was set up, Daewoo Mangalia won $3m worth of orders. In 2001 it won more than $100m, and this year its orders are up to 640 times what it achieved at its start. Combining orders of Daewoo Shipbuilding & Marine Engineering and the Romanian joint venture, the value of all contracts amount to $16.4b, or 97 percent of this year's target of $17b.