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WATCH An American Ship Get Locked Down In China
by John Konrad (gCaptain) In November American Merchant Marine officer Madeleine Wolczko left her island home and took a Washington State Ferry to Seattle then caught a flight south to...
Daewoo Shipbuilding CEO: $1.2B order for Indonesian submarines likely
SEOUL (Dow Jones)–Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) expects Indonesia to name the company as the preferred bidder for the country’s submarine building contract in September, Daewoo Shipbuilding’s chief executive said Monday.
“We expect the deal will be signed within this year once the Indonesian government earmarks the budget for the (three) submarines,” Chief Executive Nam Sang-tae said at a press briefing.
The three submarines are valued at $1.2 billion, analysts said.
He also said the company is on track to post more than KRW1 trillion in operating profit for 2011.
-By Kyong-Ae Choi, Dow Jones Newswires
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