Wednesday, March 28, 2012

Daewoo & Samsung stay 'strong'

Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries of South Korea would stay strong based on offshore sector, said Solomon Investment & Securities on March 27, suggesting buying opinions for both shipbuilders.

Analyst Jun Yong-Bum said, "Daewoo would easily contract in the excess of $10bn in 2012. It already booked INPEX' FPSO totalling around $2bn, $200m of offshore plant, about $700m of UK's naval tankers and $550m of five tankers, which total about $3.5bn year to date."

Added, "The yard also have options for two drillships and four LNG carriers. During the first half this year, Daewoo seems to win overall $6.8bn, as four semi-submersible rigs, valued at about $2.4bn and one optional drillship and two LNG carriers are to be additionally placed orders."

Meanwhile, in case of Samsung, analyst Jun said, "It contracted about a total of $5.3bn ytd, with aorund $2.7bn of INPEX' central processing facility and about $2.6bn of LNG carriers and drillships."

Solomon's Jun forecast, "With about seven optional vessels for drillships and LNG carriers each, at least half of options are expected to be exercised this year. Also, the Geojae-based yard would ink projects from Russia and Nigeria. Therefore, it would reach $13bn of new order in 2012."

Published : March 27, 2012

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