Wednesday, April 18, 2012

Daewoo "half way through"



Daewoo Shipbuilding & Marine Engineering, having already achieved about 45% of 2012 new order target, looks forward to securing newbuilding drillship as with field development increasing at the Gulf of Mexico.

Analyst Yum Dong-Eun, HMC Investment & Securities said on April 17, "As of April 16, with contracts totalling $5bn, Daewoo reached 45% of new order guidance for 2012, $11bn."

Added, "Orderings from offshore sector has led the first quarter. Recently, it contracted two newbuildings with Angelicoussis Group's LNG subsidiary Maran Gas, its first order for LNG carrier this year."

HMC's Yum forecast, "Daewoo seems possibly to ink additional drillship, as active drilling operation in the Gulf of Mexico. Besides, Samsung Heavy Industries and Hyundai Heavy Industries would also gain benefits from increasing demand for drilling facilities."

However, he said, "Without recovery in ship-related indexes, such as newbuilding price, etc., it is hard to expect that Daewoo's share price would see a continued rally. Trading on the basis of valuation is suggested."

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