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Major shipyards vow to continue cost-cutting measures, boost profitability

South Korea’s two major shipbuilders — Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. — said Friday that they will strive to boost their profitability via increased orders and continued cost-cutting measures. At a shareholders meeting, Park Dae-young, president of Samsung Heavy, said the shipyard will continue to work toward efficient management while implementing its self-rescue measures as scheduled. “In order to survive, we will make efforts to secure competitiveness and boost profits,” Park said. Hyundai Heavy Industries also said the company will work to increase its own competitiveness ...

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FSC to take punitive action on Deloitte Anjin for colluding in DSME’s accounting fraud

South Korea’s second largest auditor Deloitte Anjin LLC will be banned from signing new contracts with listed companies and unlisted financial firms for a year as punishment for colluding in the accounting fraud of Daewoo Shipbuilding & Marine Engineering Co. (DSME) in 2013 and 2014. The Securities and Futures Commission of the Financial Services Commission (FSC) decided to take the disciplinary action on Deloitte Anjin on conclusion that the auditing firm assisted DSME in cooking up is financial figures. The final decision will be made at a regular meeting of ...

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Bibby WaveMaster 1 launched at Damen Shipyards Galati

The pioneering Bibby WaveMaster 1, the first of Damen’s purpose-built Service Operations Vessels (SOV) with Walk-to-Work (W2W) capability, was officially launched at Damen Shipyards Galati in Romania. When completed, Bibby Marine Services, part of Bibby Line Group, will deploy the vessel to support forthcoming offshore wind construction and O&M projects in the North Sea. Stephen Blaikie, Chief Executive Officer, Bibby Marine Services Ltd, said: “This is an important key milestone in the delivery of the vessel. Sea trials will start soon and we will take delivery in August. We are ...

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India’s Largest State-Run Shipbuilder Files For IPO

Cochin Shipyard Ltd. has filed for an initial public offering that will make it India’s first state-run shipbuilder to go public after the government approved a stake sale of up to 25 percent. The company, which built India’s first indigenous aircraft carrier, the INS Vikrant, is looking to raise funds to set up new construction and repair facilities. Cochin Shipyard, which largely relies on defence orders, saw its profits grow even as its private peers felt the pinch of a global slump triggered by falling oil prices and uncertainty about ...

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Controversy continues over hard choice for Daewoo Shipbuilding

Arguably, it may be a hard choice for policymakers here to salvage cash-hungry Daewoo Shipbuilding & Marine Engineering Co. from falling into a deeper hole given growing skepticism about the shipyard’s viability in a drawn-out, industrywide slump and the sector’s lingering uncertainties. Indeed, dogged by the specter of the demise of Hanjin Shipping Co., once the country’s No. 1 shipping firm, policymakers and the shipyard’s creditors were left with no other options lying ahead as the shipbuilder’s potential debt workout scheme or court receivership is feared to deliver a huge ...

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Daewoo Shipbuilding to Receive Second Lifeline From Creditors

Daewoo Shipbuilding & Marine Engineering Co. could receive another lifeline from lenders as the world’s biggest shipbuilder needs cash to complete work on pending orders to stay afloat. Korea Development Bank and Export-Import Bank of Korea will provide 2.9 trillion won ($2.6 billion) in additional loans and swap about 1.6 trillion won of debt to equity, Korea Development Bank said in a statement Thursday. This is conditional upon other creditors and bondholders agreeing to convert as much as 80 percent of their debt to equity and extend maturities by as ...

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Daewoo Mangalia shipyard delivers 10 vessels in 2016

Daewoo-Mangalia Heavy Industries (DMHI) shipyard, the largest shipbuilder in Romania, controlled by South Korean group Daewoo and the Romanian state, delivered ten commercial vessels last year, five of which were for the oil industry. The company’s turnover reached USD 506 million in 2016, reports local Ziarul Financiar. Some 7,100 people worked at the shipyard. Exports accounted for 99% of the shipyard’s turnover last year, a level similar to 2015. Daewoo Mangalia became the largest exporter in the Romanian industry last year, excluding the auto and auto components sector. It climbed ...

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S. Korean Government to Keep Working for Survival of DSME

Financial Services Commission Chairman Lim Jong-ryong said on March 21 that the South Korean government is working on debt-equity swap, bond maturity extension and the like for Daewoo Shipbuilding & Marine Engineering with debenture holders and commercial banks as well as state-run banks such as the Korea Development Bank and the Export-Import Bank of Korea. The decision to provide additional assistance for the shipbuilder in spite of public criticism is because the bankruptcy of the company is likely to have a significant negative effect on the shipbuilding industry of South ...

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Keppel’s cashflow to finally improve with new rig deal

Borr Drilling will pay a downpayment of US$275m. Keppel Corp has entered into a heads of agreement (HOA) with Norway-based Borr Drilling, which will acquire five of Transocean’s jack-up rigs that are currently being built by Keppel. According to RHB, the current price of each rig is US$216m, compared to the original price of US$219m paid by Transocean in 2013. Borr Drilling will also pay a downpayment of US$275m to Keppel. Recall that Transocean ordered the five jack-up rigs from Keppel in 2013 to be delivered in various stages from ...

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Efforts for Revival: Manufacturing Workers at DSME Pushed to Return 20% of Their Salaries

Daewoo Shipbuilding & Marine Engineering (DSME) will push forward with the return of about 20% of manufacturing workers’ salaries after office workers. DSME seems to show a gesture to further share pain on its own at a time when the government will inject trillions of Korean won into DSME. According to the financial industry and the shipbuilding industry on March 20, DSME is considering getting some of its blue-collar workers’ salaries returned to the company in line with the government’s announcement of giving financial support to the beleaguered shipbuilder, which ...

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Daewoo Shipbuilding losses should be shared by stakeholders

South Korea’s chief financial regulator said Tuesday that stakeholders of Daewoo Shipbuilding & Marine Engineering Co. should shoulder losses, a precondition for another round of rescue package for the cash-strapped shipbuilder. Yim Jong-yong, chairman of the Financial Service Commission, made the remarks at a parliamentary committee when asked whether the government is considering another round of capital injection to help rescue Daewoo Shipbuilding. Yim told lawmakers that the government has been reviewing an “additional restructuring plan” with creditors of Daewoo Shipbuilding under “several preconditions.” “The basic idea is that all ...

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GTT to equip new Hyundai Heavy Industries’ LNG carrier

GTT has received an order from Hyundai Heavy Industries to equip a new LNG carrier with its Mark III Flex containment system. Hyundai’s shipyard based in Ulsan – South Korea – will build the vessel of 180,000 m3 on behalf of the Norwegian shipping company NORSPAN LNG XI AS (Knutsen). Delivery is scheduled in 2019. Knutsen is a long-standing owner of LNG carriers equipped with membrane technology. With ten vessels of this type, Knutsen is renewing its confidence in GTT technology by choosing Mark III Flex for this new vessel. ...

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Van Oord: Navigating through challenging times

The year 2016 was a challenging one for Van Oord. Revenue decreased to an amount of EUR 1.71 billion (2015 EUR 2.58 billion) and net profits went down to EUR 90 million (2015: EUR 169 million). In dredging, revenue was EUR 1,189 million in 2016 (2015: EUR 1,622 million): the downward trend being most obvious in Areas Europe and Middle East & West Asia (Suez Canal). Deteriorated market conditions were tangible in the Offshore oil & gas division, with revenue standing at EUR 130 million, considerably lower than in 2015 ...

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Keppel signs Heads of Agreement with Borr Drilling for Transocean rigs

Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M) has entered into a Heads of Agreement with Borr Drilling Limited of Bermuda (Borr Drilling), with the approval of Transocean, whereby the construction contracts for the five jackup rigs currently being built by Keppel FELS for Transocean will be novated to Borr Drilling. The transaction is subject to all three parties executing definitive agreements and satisfying formal closing conditions. The completion of the transaction is expected to take place before the end of May ...

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Damen InvaSave external ballast water treatment system receives IMO type approval

Damen’s award-winning, mobile, ballast water treatment system has received IMO type approval. An external ballast water treatment unit designed primarily for use in ports and harbours, the Damen InvaSave treats ballast water to the IMO D-2 standard, for ballast water received from inbound ships. It can also deliver water treated to the same standard to outbound vessels. Its mobile, containerised format means that it can be operated from the dockside or from onboard a vessel alongside, receiving or delivering water to a ship. The InvaSave has been developed with the ...

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