Tuesday, July 19, 2011

Big3 Clash Onshore

South Korean big 3 are to compete in the onshore plant market as well as offshore.

Samsung Heavy Industries recently bought a stake in a local power plant equipment maker for KRW 41.5bn ($39m).

Samsung now holds a 27% stake in SeenTec, becoming the largest shareholder in the power equipment maker.

The South Korean shipbuilder intends to use SeenTec's industrial boiler technology for shipbuilding for now but it will expand into onshore plant business in longer term.

Meanwhile, Hyundai Heavy Industries is targeting $3.8bn orders this year in the onshore plant sector.

In particular it is now bidding for Nigeria Brass LNG project, Bahrain Al Dur power plant, etc.

Daewoo Shipbuilding & Marine Engineering is also eyeing the land plant sector as it is moving to buy a local plant equipment maker DKME.

It already signed a LOI with major shareholder of DKME and conducted a due diligence.

Although Daewoo is saying nothing is determined regarding DKME acquisition, an official from DKME said the shipbuilder is very interested in buying DKME.

Published : July 19, 2011

Source: Asiasis


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