Daewoo wins US contracts

Daewoo Shipbuilding & Marine Engineering in Korea has won $1.46 billion (HK$11.38 billion) contracts from two US customers. DSME received an order to build a semi-submersible drilling rig from an unidentified US customer for $700 million with an option for a second unit, and a contract for a drill ship worth $760 million from another US client. Delivery of the vessels is scheduled by September, 2011.

Oil companies including Exxon Mobil and Total are spending a record $98.7 billion this year to search for and produce fuel as consumption rises in China and India. Orders for offshore structures have swelled backlogs at shipyards to record levels with deliveries stretching into 2012.

With these contracts, the shipyard has won deals worth $4.1 billion to build offshore facilities such as platforms and rigs.