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Thursday, January 18, 2018

Samsung Heavy Mulls $6 Bln Orders This Year

Maritime Activity Reports, Inc.

January 13, 2017

Image: Samsung Heavy Industries Co

Image: Samsung Heavy Industries Co

 South Korean major shipbuilder  Samsung Heavy Industries Co  is aiming to clinch orders worth more than US$6 billion this year, South Korea's Yonhap news agency reported the company's head as saying.

Park Dae-young, president and CEO of the shipbuilder, also said that this year will be a crucial point for his company's survival at a time when local shipbuilders are suffering from an industry-wide slump and economic slowdown.
Park said that his company raised this year's target for new orders, compared with US$5.3 billion set for last year. He said that the company had a project with a contract certain to be clinched this year.
On Jan 5, Samsung Heavy said that it has won a US$1.27 billion deal to build an offshore facility, marking the first mega deal of this year for ailing South Korean shipbuilders.
Samsung Heavy is among South Korean shipbuilders which have been under severe financial strains in the face of falls in new orders amid falling oil prices. They are also struggling to compete with Chinese rivals.
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