Hyundai Heavy Industries of Korea is proceeding acquisition of overseas subsea company in preparation of entering into subsea production facility market, as its rival Samsung Heavy Industries already did.
Sources said that Hyundai has already secured a list of candidate companies from investment banks.
The Ulsan-based company is under construction of subsea pipeline, production facilities, etc., however, it only carries out assembly or installation works with imported equipment or facilities.
As energy development moves gradually into deeper sea, demand for deep-sea offshore plant and subsea facility is sharply expanding.
Meanwhile, Samsung has planned M&A with subsea company and has been in talks with several companies since 2011. However, sources said that a few companies now dominating the market ask excessively high prices and its negotiation is at a standstill.
Published : September 14, 2012
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