John Fredriksen-controlled Northern Drilling has entered into agreements to acquire two newbuild ultra-deepwater drillships from South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) for the bargain price of just US $296 million apiece. The drillships were originally ordered by Seadrill in 2013 when the price tag for modern newbuild drillship was still close to … [Read more...]
DSME Warship Blueprints Stolen in North Korea Hack -S.Korea Lawmaker
By Haejin Choi SEOUL, Oct 31 (Reuters) - North Korea probably stole South Korean warship blueprints after hacking into Daewoo Shipbuilding & Marine Engineering Co Ltd's database in April last year, a South Korean opposition lawmaker said on Tuesday. North Korea has often been implicated in cyber attacks in South Korea and elsewhere but Pyongyang has either ignored or … [Read more...]
MSC Confirms Order for Eleven 22,000 TEU Containerships
On the heels of CMA CGM's order for nine record-breaking 22,000 TEU containerships, Mediterranean Shipping Company has confirmed it has placed its own order for eleven new vessels each with a capacity of 22,000 TEU. Although the newbuilding order has not been officially announced, a spokesperson for MSC has confirmed the order in a statement to gCaptain. The order was … [Read more...]
Daewoo Shipbuilding & Marine Engineering Unlocks $2.6 Billion Bailout
By Joyce Lee SEOUL, April 18 (Reuters) - South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and … [Read more...]
Daewoo Shipbuilding Bondholders Accept Bailout Plan Following Pension Fund Agreement
By Joyce Lee SEOUL, April 17 (Reuters) - South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first three of five bondholder meetings, as the world's largest shipbuilder battles to stay afloat. The votes were held hours after Daewoo's biggest bondholder, the National Pension Service … [Read more...]