May 17, 2008

Samsung Heavy wins USD 1.3 billion ship order

Yonhap reported that Samsung Heavy Industries Co has won a deal valued at KRW 1.35 trillion (USD 1.3 billion) to build two drill ships.

Samsung Heavy Industries in a regulatory filing that the deal with an American company calls on Samsung Heavy to deliver the vessels, used for deep water oil exploration, by July 2011.

Shipyards in South Korea, the world's largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.