Shipbuilding firms also expanding into new fields

Korean shipbuilders are diversifying and introducing new advanced shipbuilding technologies to continue growing in a hostile business environment. Samsung Heavy Industries said yesterday that it has completed construction of the world’s largest semi-submersible offshore oil rig, which will be delivered to Norwegian Seadrill. The platform, named West Eminence, weighs 30,000 tons and is 112 meters (39 feet) tall. It took two and a half years to build and can drill up to 12,000 meters underwater.
West Eminence will be stationed off the coast of Brazil. “We have proven our advanced technology by taking care of everything, from design to construction and testing, ourselves,” said Kim Jing-wan, the firm’s vice chairman.
Previously it had been common for the lower part of semi-submersible oil rigs, meant for operation underwater, to be built in Korea, while the more complex upper structures were built by European shipbuilders.
Another Korean shipbuilder, STX, also had an advance to announce yesterday. It managed to install a segment weighing 6,500 tons onto an LNG vessel docked in water. Until now the heaviest part that could be installed in the sea using a floating crane weighed 5,500 tons.
Technology isn’t the only strength local shipbuilders are focusing on to overcome the economic crisis. Samsung Heavy’s Vice Chairman Kim said the shipbuilder is diversifying its portfolio, planning to invest in seaborne energy projects, which, Kim said, have been less affected by the economic crisis.
Although Korean shipbuilders are known for their long backlogs of orders lasting years, due to the current economic situation some clients are canceling orders, while new orders are almost nonexistent.
Hyundai Heavy Industries, the world’s leading shipbuilder, is reducing its reliance on heavy shipbuilding and advancing into other fields such as wind power generators and solar energy projects.