SEOUL, April 4 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Tuesday that it has clinched a US$250 million deal to build three very large crude carriers (VLCCs).
Under the deal with Maran Tankers Management, a unit of Greece’s largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding will deliver the 318,000-ton VLCCs by 2018.
Angelicoussis is one of the major clients for Daewoo Shipbuilding. The company is currently building 18 ships for the Greek shipper.
Late last year, Daewoo also bagged a 700 billion won order from Angelicoussis to build a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.
The deal came as the South Korean shipbuilder is struggling to tide over a deepening cash shortage.
Late last month, the creditors announced a fresh rescue package worth 6.7 trillion won for the ailing shipbuilder, but only if all stakeholders agree to a debt-for-equity swap plan.
The huge rescue measures represent the second round of bailouts for the shipbuilder that has been suffering from severe liquidity problems over heavy losses in its offshore projects.
With the latest deal, Daewoo Shipbuilding has secured deals valued at a combined $770 million to build seven ships, including five VLCCs.
The shipyard’s new orders may top $1 billion if it finalizes a deal to build floating storage and regasification units, which may fetch up to $1.6 billion.’