Wednesday, May 11, 2011
Asia Pulse Pte Ltd
SEOUL, May 11 Asia Pulse - Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660), South Korea's No. 2 shipbuilder, said Wednesday that it has won a deal to build a drill ship for Vantage Drilling.
Under the deal with Vantage Drilling of the U.S., Daewoo Shipbuilding will deliver the vessel used to find oil and gas wells in deep waters, by May 2013, the company said in a statement. The value of the contract was not revealed.
Daewoo Shipbuilding said it has an option to build one more drill ship.
The vessels, 238 meters long and 42 meters wide, are capable of drilling in waters up to 12,000 feet deep.
The shipbuilder said a steady rise in demand for such specialized vessels is expected due in part to a steady rise in crude oil prices that have made deep sea exploration and development more profitable.
Daewoo Shipbuilding is targeting orders valued at US$11 billion this year.
(C) 2011 Asia Pulse Pte Ltd.
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