Daewoo Wins US$1.96 Billion Order to Build 5 Fixed Platforms

Daewoo Shipbuilding & Marine Engineering Co. has won a US$1.96 billion order to build five fixed platforms. The increasing demand for energy products is helping South Korean shipyards endure the slowdown in vessel orders.

The units are expected to be delivered to the African customer by April 2016.

The company’s shares rose the most since August 9th in Seoul trading after the order, which followed the shipbuilder’s first contract for a floating liquefied natural gas plant in June, reports Bloomberg BusinessWeek. In total, Daewoo expects to boost orders for offshore equipment 34 percent this year to $8.5 billion.

Daewoo had booked a total of $5.85 billion of new orders this year as of the end of June, with 70 percent of that in offshore orders – compared with 44 percent for all of last year.