Korean yards future lies in offshore facilities

Shipyards of South Korea are set to make all-out efforts to develop offshore facilities in a bid to stay ahead of the field despite hot pursuit from rivals in Japan and China, the Korea Shipbuilders’ Association (KSA) said. Chief executives of the world’s top three shipyards, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co., have decided in a recent meeting to expand exports in the industry’s maritime facilities business to $10 billion by 2015 compared from the current $800 million, the KSA said.