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SK Shipping Selects 5X72DF for LNG Carriers
Securing the position of its low-speed low-pressure X‑DF engines as market leaders, Winterthur Gas & Diesel (WinGD) has been selected to supply two 5-cylinder X72DF…
Pakistan Mulls Second LNG Import Terminal
BW Group (BW) has signed a 15-year agreement with Pakistan GasPort Limited (PGPL) to provide LNG regasification services utilizing a new-build Floating Storage and…
KOGAS to Support Korean Shipyards
In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place…
Samsung Shipyard Mulls Outsourcing
Samsung Heavy Industries (SHI) CEO Park Dae-young proposed the outsourcing of shipbuilding to China and Indonesia in an effort to overcome a liquidity crisis, according to Yonhap.
5K Workers Lose Jobs in Korean Shipyards
According to a report by Korea Economic Daily the number of workers who left Korea's top-three shipbuilding companies - Hyundai Heavy Industries, Samsung Heavy Industries…
Samsung Heavy Industries to Raise $985 mln via Rights Issue
South Korean shipbuilder Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue.
Ocean Rig UDW Beats on Revenue
Ocean Rig UDW Inc, the offshore drilling contractor, posted revenue of $452.6 million in the second-quarter, beating Wall Street forecasts. Three analysts surveyed by Zacks expected $385.7 million.
South Korea Mulls LNG Bunkering Hub
A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering…
Fire at Prelude LNG Construction Site in South Korea
Shell said a small fire occurred at the construction site in South Korea for its huge floating Prelude liquefied natural gas (LNG) project, with work resuming immediately and an investigation underway. The incident would not have an impact on the delivery schedule, according to a source in South Korea. Shell has declined to reveal the timetable or the budget for Prelude, based on a giant processing…
DNV GL, South Korean Yards Kicks off Standardization
The first phase of a joint industry project (JIP) to promote a global standard for engineering and construction of offshore oil and gas installations has delivered four recommended practices (RPs).
Construction Begins on Johan Sverdrup Riser platform
The riser platform construction start was marked today at the Samsung Heavy Industries yard in South Korea. Project director for Johan Sverdrup Kjetel Digre (from right)…
MSC Jade Sails with MAN's Biggest Engine
The largest and most powerful engine from MAN Diesel & Turbo’s portfolio ever designed and built has entered service. Built by Doosan Engine in Korea and rated at 75…
NLNG Adds New Vessels
The Nigeria Liquefied Natural Gas Limited (NLNG) will this month receive the last of the six new vessels it bought for the transportation of liquefied natural gas (LNG) to various parts of the world…
Seoul's Effort to Calm Shipping Sector Storm
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping…
S.Korea Creates $9.5 Bln Fund for Banks Exposed to Shipyard Troubles
South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms. "Our key industries like shipping and shipbuilding are being aggressively caught up by countries like China and management conditions have worsened due to weak global trade," Finance Minister Yoo Il-ho said in a speech announcing the corporate restructuring plans on Wednesday.
S.Korea Shipbuilders' Lead creditors back Asset Sale, Cost Cuts
The lead creditors of two of South Korea's biggest shipbuilders have provisionally approved plans by Hyundai Heavy Industries and Samsung Heavy Industries to raise…
Creditors Putting Pressure on Samsung Heavy
The restructuring issue of Samsung Heavy Industries (SHI) will spread to the entire Samsung Group as its main creditor Korea Development Bank(KDB) and the financial…
DSME to Manage Iranian Shipbuilder
Daewoo Shipbuilding & Marine Engineering Co. (DSME) has signed a business agreement with the Iranian government on operation and technology instruction for Iranian…
South Korean Shipbuilders’ Off-Shore Debts
Beleaguered South Korean shipbuilders's total liabilities as of the end of last year for their 34 overseas affiliated companies have reached 5.3584 trillion won (US$4.65 billion)…
As Korean Shipyards Founder, Central Bank Dragged into Rescue Bid
They are South Korea's "too-big-to-fail" firms - the world's largest shipbuilders that are both a massive economic force and an important national symbol - and the…