S. Korean shipyards' future lies in offshore facilities, association says

Shipyards of South Korea, the world's leading shipbuilding nation, are set to make all-out efforts to develop offshore facilities in a bid to stay ahead of the field despite hot pursuit from rivals in Japan and China, an industry association said Wednesday.Chief executives of the world's top three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- have decided in a recent meeting to expand exports in the industry's maritime facilities business to US$10 billion by 2015 compared from the current $800 million, the Korea Shipbuilders' Association said.