Daewoo Shipbuilding to focus on offshore facilities due to high demand
Daewoo Shipbuilding & Marine Engineering Co., the world's No. 2 shipbuilder by sales, will focus on building offshore facilities this year to offset the slow recovery of the shipbuilding business, President & Chief Executive Nam Sang-tae said.
The company projects sales this year to reach over KRW12 trillion ($11 billion) compared with KRW11 trillion last year, driven by its offshore facilities operations.
"As oil prices are rising higher this year compared to last year, we expect a higher demand for offshore facilities from Southeast Asia and Brazil," Nam told a press briefing.
For 2011, Daewoo Shipbuilding has set a target of $11 billion in new orders, almost the same as $11.2 billion last year.
The South Korean shipbuilder held a naming ceremony at its Geoje shipyard Wednesday for the world's largest-ever floating production storage & offloading unit, or FPSO, which will be delivered to France's Total S.A. in September.
Daewoo Shipbuilding has been building the FPSO the past 36 months for KRW2.6 trillion.
Total will put the high-end offshore facility called 'Pazflor'into operation starting September in an onshore area of Angola, said Daewoo Shipbuilding.
The FPSO has the capacity to process up to 220,000 barrels of oil and 1.9 million barrels of natural gas a day and has a storage capacity of 1.9 million barrels of oil.
Patrick Pouyanne, Total's senior vice-president for exploration & production, told Dow Jones Newswires on the sidelines of the event that Total will maintain a strong partnership with South Korean shipbuilders, including Daewoo Shipbuilding, for future contracts.
The company projects sales this year to reach over KRW12 trillion ($11 billion) compared with KRW11 trillion last year, driven by its offshore facilities operations.
"As oil prices are rising higher this year compared to last year, we expect a higher demand for offshore facilities from Southeast Asia and Brazil," Nam told a press briefing.
For 2011, Daewoo Shipbuilding has set a target of $11 billion in new orders, almost the same as $11.2 billion last year.
The South Korean shipbuilder held a naming ceremony at its Geoje shipyard Wednesday for the world's largest-ever floating production storage & offloading unit, or FPSO, which will be delivered to France's Total S.A. in September.
Daewoo Shipbuilding has been building the FPSO the past 36 months for KRW2.6 trillion.
Total will put the high-end offshore facility called 'Pazflor'into operation starting September in an onshore area of Angola, said Daewoo Shipbuilding.
The FPSO has the capacity to process up to 220,000 barrels of oil and 1.9 million barrels of natural gas a day and has a storage capacity of 1.9 million barrels of oil.
Patrick Pouyanne, Total's senior vice-president for exploration & production, told Dow Jones Newswires on the sidelines of the event that Total will maintain a strong partnership with South Korean shipbuilders, including Daewoo Shipbuilding, for future contracts.