Daewoo participates in oil field development

Daewoo Shipbuilding has declared its intention to enter into foreign oil filed development. The shipbuilder said that it will participate in the Korea Oil Corporation led consortium which is involved in oil field development in Nigeria and will take five to ten percent share of the consortium.

The shipbuilder expects that the participation will improve the synergy effect with existing business of tanker, FPSO and drilling ship construction capability and cultivate new growth sources by entering into various new businesses.