DSME Okpo Korea Daewoo shipbuilding

DSME Exceeds 2011 Shipbuilding Target by $3.8 Billion, Expects Lower Figures in 2012

Rob Almeida
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December 25, 2011

SEOUL (Dow Jones)–Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said on Monday it expects around $11 billion in new orders next year while earmarking about KRW500 billion ($437 million) for capital expenditure.

Daewoo Shipbuilding has secured $14.8 billion in orders this year, exceeding its target of $11 billion, helped by strong demand for offshore equipment like drill ships, a company spokesman said by telephone.

The company expects offshore equipment will account for 70% to 80% of orders in 2012. Demand for commercial ships like container carriers will remain low next year.

-By Kyong-Ae Choi, Dow Jones Newswires

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