SEOUL, Aug. 2 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering (DSME) has become the first South Korean company to export a submarine, joining the likes of the U.K., France, Russia, and Germany. According to DSME officials, a commemoration celebrating the delivery of a 1,400-ton submarine to the Ministry of Defence of the Republic of [...]
SEOUL, Jul. 26 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co. lost in an international arbitration case over a rig spat, industry sources said Wednesday. In 2011, the major South Korean shipyard clinched a deal to build four semisubmersible drilling rigs for Songa Offshore SE of Norway. The South Korean rig builder launched the [...]
SEOUL, Jul. 7 (Korea Bizwire) — Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. is expected to secure at least 800 billion won (US$692 million) in cash through additional debt-for-equity swaps, industry sources said Friday. According to the sources, Daewoo Shipbuilding is planning to start the process of swapping debts for equity with bondholders next month [...]
SEOUL, May 12 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, changed its incorrect financial statements from 2008 to the first quarter of 2016 on Thursday, it said. Its operating profit and loss in 2012 was revised from a 486.2 billion won (US$430 million) surplus to a 72 billion won [...]
SEOUL, Apr. 28 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Thursday that it swung to the black in the first quarter of the year from a year earlier, largely thanks to cost-cutting measures. Net profit reached 261 billion won (US$230 million) in the January-March period, compared to a [...]
SEOUL, April 13 (Korea Bizwire) – The state-run main creditor of Daewoo Shipbuilding & Marine Engineering Co. said Thursday it is willing to negotiate with the state pension fund on the ailing shipbuilder’s debt rescheduling measures. The remarks by Korea Development Bank (KDB) CEO Lee Dong-geol came as the National Pension Service (NPS) is set [...]
SEOUL, April 12 (Korea Bizwire) – In the wake of growing concerns over the future of one of South Korea’s biggest shipbuilding companies, DaeWoo Shipbuilding & Marine Engineering (DSME), more than 90 percent of employees have agreed to return some of their salary as part of a collective effort to cut spending and save the company. [...]
SEOUL, April 6 (Korea Bizwire) – South Korea’s state pension fund, one of the key debt holders for ailing Daewoo Shipbuilding & Marine Engineering Co., said Thursday it remains undecided on whether to agree on debt rescheduling measures that aim to keep the shipyard afloat. The National Pension Service (NPS), which holds about 30 percent [...]
SEOUL, Apr. 6 (Korea Bizwire) — South Korea’s financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm’s accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial [...]
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 [...]