Daewoo Shipbuilding bags US$1.24 bln order

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Tuesday that it has clinched a US$1.24 billion order to build two drill ships.

Under the deal with an African customer, Daewoo Shipbuilding will deliver the vessels by the end of 2015, the company said in a statement. The shipbuilder did not reveal the name of the buyer.

A drill ship is a maritime vessel with a drilling apparatus and is used for exploratory offshore drilling for new oil and gas wells in deep waters.

The shipbuilder said a steady rise in demand for such specialized vessels is expected due in part to high crude oil prices that make deep sea exploration and development more profitable.

Daewoo Shipbuilding has received orders worth some $11.26 billion so far this year. The shipbuilder set its yearly order target at $13 billion.
Source: Yonhap