SEOUL, Nov. 11 (Korea Bizwire) – The labor union at Daewoo Shipbuilding & Marine Engineering Co. is being pressed to accept the shipyard’s restructuring scheme including a workforce reduction, a key condition for the embattled shipyard to receive financial aid from its creditors, industry sources said Friday. Earlier this week, the creditors, led by the [...]
SEOUL, Nov. 8 (Korea Bizwire) – The world’s first icebreaking liquid natural gas (LNG) carrier set sail Tuesday, heading to the Arctic Sea for testing. The ship was manufactured by Daewoo Shipbuilding & Marine Engineering, who won the order from Russia’s state-run shipper Sovcomflot in March 2014. According to officials, the tanker is 299 meters [...]
SEOUL, Nov. 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday. According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved [...]
SEOUL, Nov. 2 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, plans to raise an additional 700 billion won (US$609 million) through asset sales this year, raising the total amount prepared as part of its self-rescue measures to 6 trillion won (US$5.22 billion), since it is widely expected to miss [...]
SEOUL, Oct. 26 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it has sold off its headquarters building in downtown Seoul for 170 billion won (US$150 million) to a local asset manager. The shipyard will lease the building for the time being, according to the shipbuilder. The [...]
GEOJE Island, South Korea, Oct. 24 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, launched a 1,400-ton diesel submarine on Monday for the Indonesian navy, a company official said. The submarine is the second of the three submarines being built under a 2011 deal worth US$1.1 billion. In March, [...]
SEOUL, Oct. 18 (Korea Bizwire) – Global consulting firm McKinsey & Company is again facing criticism with the disclosure that it provided business consulting services to Daewoo Shipbuilding & Marine Engineering (DSME) three years ago, advising the company to focus on its offshore plants – the very business that lead to DSME’s demise. McKinsey is [...]
SEOUL, Oct. 13 (Korea Bizwire) – A recent report by McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME. DSME, Hyundai Heavy Industries, and Samsung Heavy Industries retained McKinsey as a consultant back in June, to [...]
SEOUL, Oct. 12 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it plans to cut its workforce by about 20 percent before the end of the year in a bid to tide over a deepening industrywide slump. According to the shipyard, it plans to cut its workforce [...]
SEOUL, Aug. 31 (Korea Bizwire) – Slightly over 8 percent of South Korea’s major listed companies suffered a double whammy of operating and net losses in 2015 amid an economic slump, data showed Wednesday, sparking concern over their financial health. According to the data by the Korea 20000 Corporate Research Institute, 23 of the 273 [...]