Daewoo Shipbuilding Exceeds Yearly Order Target by $1B

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October 17, 2011
Wheatstone LNG Chevron Apache

SEOUL (Dow Jones)–Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) has exceeded its annual order target of $11 billion by 9%, helped by two separate contracts totaling $1.95 billion, it said Monday.

The contracts take orders to $12 billion as of Monday.

Daewoo will build a $550-million drill ship for an unnamed North American company by the first half of 2014 and a $1.4-billion offshore natural-gas-processing platform for Chevron Corp. (CVX) by the second half, a company spokesman said by telephone.

The platform is at the Wheatstone field, 200 kilometers north of Onslow in the Pilbara region of Western Australia. It will process 55 million cubic meters of natural gas a day, the spokesman said.

-By Kyong-Ae Choi, Dow Jones Newswires

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