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Major Korea Shipbuilders Working Hard to Beat Recession
Sometimes Cooperation
Major Korea Shipbuilders Working Hard to Beat Recession
  • By Jung Min-hee
  • July 9, 2015, 07:15
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Samsung Heavy Industries, Hyundai Heavy Industries, and Daewoo Shipbuilding & Marine Engineering are striving for cost reduction and business optimization based on new technology while competing for offshore plants in the global market.

On July 7, Samsung Heavy Industries received a 337 billion won (US$297 million) order for a semi-submersible floating production system (semi-FPS) from an American shipowner. It also won offshore plant construction contracts worth 6.4 trillion won (US$5.6 billion) in total back-to-back on June 30 and July 1. It has already achieved 60 percent of its annual goal for this year.

In the meantime, Hyundai Heavy Industries and Samsung Heavy Industries are currently participating in a tender for Royal Dutch Shell’s Bonga Project in Nigeria, which is estimated to cost a total of US$4 billion. Likewise, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are in Chevron’s project in Thailand, and all the three Korean companies are in ENI’s Mozambique Area 4 Project.

Hyundai Heavy Industries recently developed a green LNG carrier with GE, which is characterized by the use of a gas turbine engine. This vessel satisfies IMO level 3 environmental regulations without an exhaust gas treatment system, and thus can save on equipment and operating costs. Daewoo Shipbuilding & Marine Engineering recently came up with a ship demand prediction system utilizing big data, and is planning to apply big data to the repair and maintenance of ships in service.