Two drill ships for Samsung

Samsung Heavy Industries has received a contract worth $1.44 billion to build two deep-water oil exploration drill ships. The deal with a European client calls for delivery by March 2012 and the vessels will be used for drilling activities off the coast of Brazil.

The contract comes as shipbuilding orders have fallen sharply on a global economic recession. With the deal, Samsung Heavy exceeded its yearly target of $15 billion worth of orders and it expects to win more offshore orders from European and American clients by the end of the year, bringing its total orders for this year to more than $16 billion.