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Daewoo Shipbuilding targets over $6.8 bln in deals for 2020

All News 09:11 January 04, 2020

SEOUL, Jan. 4 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., the world's second-largest shipbuilder by order backlog, is seeking to secure deals worth more than US$6.88 billion this year, an official said Saturday.

In 2019, Daewoo Shipbuilding won orders worth $6.88 billion to build 39 vessels, achieving 82 percent of its annual order target of $8.37 billion, according to the company official.

This file photo shows headquarters of Daewoo Shipbuilding & Marine Engineering Co. in central Seoul. (Yonhap)

On Friday, South Korea's Hyundai Heavy Industries Group said its three shipbuilding units are seeking to secure deals worth a total of $15.9 billion this year.

The combined target of Hyundai Heavy Industries Co., Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. remains unchanged from last year.

Last month, the European Commission launched an in-depth review of the proposed deal by Hyundai Heavy Industries to take over its smaller local rival, Daewoo Shipbuilding & Marine Engineering Co.

The EU's executive arm has said it will decide by May 7 whether the takeover, if completed, is likely to significantly impede effective competition.

The deal is subject to approval from antitrust regulators in South Korea and other countries, including Japan, China, Singapore and the European Union.


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