Ulsan-based Korea Eco Plus of South Korea has developed a Riser Pipe and inked an order for $40,952 of a riser from Lad Contracts of Singapore in the end of March, 2012.
This is an achievement from the first year of 'Offshore Plant Subsea Ultra-high pressure Testing & Certification Cooperation Project.'
Ulsan said, this is a meaningful outcome when Korea has no core original technology for subsea offshore plant equipment and only secures 10% of local content, at the moment.
The project aims to help those companies to enter offshore-plant subsea market by building up 'One-Stop Service Assistance System' in order to develop facilities or equipment which meet demands of customers.
Moreover, it would create jobs, expand investment as well as boost profits and export, in the end.
Meanwhile, Ulsan plans to work hard to achieve the Ministry of Knowledge Economy's target local content proportion of 35% in offshore plant equipment by 2020.