Thursday, December 20, 2012

[Ship Building] Daewoo "Beyond Target"

Daewoo "Beyond Target"

Daewoo Shipbuilding & Marine Engineering has potential to even go beyond 2012's new order target.

Yang Hyung-Mo, analyst of Taurus Investment & Securities in Korea, said "Daewoo has practically achieved 2012's target and its target can be exceeded with additional orders for offshore facilities, LNG carriers, boxships, etc., within this year," and suggested "$13bn-14bn of new order target in 2013, increased by 18-27% against that for this year."

Yang said "Daewoo secures a total of seven optional drillships for 2013, totalling more than $4bn, including Transocean's six additional drillships. Also, Tamar FLNG, valued in around $3bn, is expected in the second half of next year," and added "$1.5bn of Vietnam Block-B platform project is prospected to be materialized in the first half."

He said "Leaving allowances out, Daewoo's operating earnings is rapidly being improved," and estimated "The Korean shipyard will see KRW 3.5trn ($3.26bn) of turnover with operating margin marking 4.7% for this fourth quarter."

Yang added "Daewoo is likely to create stable profits with increasing turnover in offshore sector, during 2013-2014."

Published : December 18, 2012

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