SEOUL, Jul. 5 (Korea Bizwire) — Hyundai Heavy Industries Co., a major shipyard here, said Wednesday that it has signed a memorandum of understanding with Saudi Aramco and others to build a plant in Saudi Arabia that will make engines used for ships and power generation. The Hyundai Heavy-Aramco consortium will spend US$400 million to [...]
SEOUL, Jul. 3 (Korea Bizwire) — South Korean shipbuilders, led by Hyundai Heavy Industries Co., are estimated to have clinched a record number of new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier, industry data showed Monday. Hyundai Heavy and other local shipyards [...]
SEOUL, June 5 (Korea Bizwire) – South Korea’s shipbuilders are expected to recover this year after suffering from a global industrywide slump in 2016, observers here said Sunday. Industry watchers said Samsung Heavy Industries Co. clinched deals worth US$4.8 billion coming into this year, which accounts for 74 percent of its annual target of $6.5 [...]
SEOUL, May 29 (Korea Bizwire) – Cautious optimism is spreading that South Korean shipbuilders may be able to pull out of a drawn-out slump on the back of rising new orders, industry sources said Monday. According to the sources, Samsung Heavy Industries Co., one of the country’s top three shipbuilders, has recently clinched a US$100 [...]
SEOUL, May 12 (Korea BIzwire) – South Korean shipbuilding companies including Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are branching out into the Norwegian market, with the trio expected to attend this year’s Nor-Shipping, one of the biggest international shipping exhibitions in the world, which will be held in Oslo [...]
SEOUL, May 9 (Korea Bizwire) – Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. have clinched orders valued at a combined US$1 billion to build very large crude carriers (VLCCs), industry sources said Tuesday. According to the sources, Hyundai Heavy has secured an order to build two VLCCs. The deal includes an option to [...]
SEOUL, May 8 (Korea Bizwire) – Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it has signed a memorandum of understanding with a Saudi shipping firm to work together to develop technologies needed for a ‘smart ship’ platform. Under the deal with the National Shipping Company of Saudi Arabia, better known [...]
SEOUL, April 27 (Korea Bizwire) – With 11 Hyundai Heavy Industries (HHI) employees succumbing to injuries caused by work accidents last year, the shipbuilding company is facing criticism as well as the misfortune of being labeled the worst corporation with regard to workplace safety, with some of the harshest critics using the word ‘murder’ to describe [...]
SEOUL, March 15 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, said Wednesday that its shipbuilding-related sales will rise 30 percent by 2021 after its key business units are spun off, with each separated unit also expected to post robust growth. In a session to explain its corporate spin-off scheme, Hyundai Heavy [...]
SEOUL, March 13 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a mid-sized shipbuilder here, recently sold a semisubmersible rig obtained from a Norwegian shipping firm through a compromise arrangement, for US$370 million, industry sources said Monday. According to the sources, Hyundai Samho sought arbitration over Seadrill’s cancellation of the rig order, and both sides [...]