Daewoo Shipbuilding Wins 100th Order from Greek Shipping Firm MGM

Daewoo Shipbuilding & Marine Engineering Co., the world's second-largest shipbuilder by orders, has succeeded in winning the 100th order from a single shipping company for the first time since its founding.

The shipbuilder announced on July 4 that it has clinched a deal to build a liquefied natural gas floating storage and regasification unit (LNG-FSRU) for Maran Gas Maritime (MGM), a company owned by Greece’s largest shipping firm Angelicoussis Group. Using the facilities that can hold 173,400 cubic meters of LNG, MGM will be able to supply natural gas without large-scale investment in equipment, such as terminals on the ground.

With the latest contract, Daewoo Shipbuilding has received 100 shipbuilding orders from Angelicoussis Group so far. The deals are worth US$11 billion (12 trillion won) in total.

Angelicoussis Group is Daewoo Shipbuilding's biggest customer which has placed an order for ships for 24 years since the first deal to build 98,000-ton crude oil carrier in 1994. Daewoo Shipbuilding has become the first firm to obtain 100 shipbuilding orders from a single shipping company. It has delivered 82 out of 100 ships to the Greek group and 18 ships are currently under construction at the Daewoo shipyard in Okpo.