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Daewoo Shipbuilding secures $430m contract to build new LNG ships

The company will build two new LNG vessels for an undisclosed North American shipper by the end of 2025.

South Korea-based Daewoo Shipbuilding & Marine Engineering (DSME) has secured a $430m contract from an undisclosed shipper in North America to build new liquefied natural gas (LNG) ships, reported Yonhap News Agency.

Under the deal, the company will construct two new LNG carriers for the North American shipper by the end of 2025.

Daewoo Shipbuilding has received $3.47bn worth of orders since the beginning of the year, attaining 39% of its $8.9bn yearly order target.

The company aims to achieve KRW6.62tn ($6bn) in sales this year, which is 47% more than last year’s target.

Due to the increased demand for value-added ships such as LNG and container ships, Daewoo Shipbuilding won orders worth a total of $10.86bn from various customers last year.

As a leading shipbuilder, we pursue technological excellence to lead the market and achieve sustainable growth.

Company Overview

DSME’s vessels are highly appreciated for their finest quality in the world’s shipbuilding market where established major players in the world economy such as Europe and America compete.

Satisfied with superior technology, on-time delivery, and dedicated people who spare no effort to meet customers’ needs, major oil producers come back with follow-up orders once having ordered large-scale offshore platforms from DSME.

3 employees and the side view of a large vessel on the sea

Starting in 1973 at Okpo Bay, Geoje Island, located on the southeastern tip of the Korean Peninsula, the shipyard of DSME was completed in 1981. DSME has since grown into the world’s premium shipbuilding and offshore contractor who is specialized in building various vessels, offshore platforms, drilling rigs, FPSO/FPUs, submarines, and destroyers.

The shipyard which spans an area of 4.9 million meters squared encompasses the world’s largest dock with a million-ton capacity and is optimized for building high-tech motor vessels using cutting-edge equipment, including a 900-ton goliath crane.

DSME manufactures high-quality products based on its vast IT expertise, well-managed shipbuilding technologies, superb fixed-platform construction capacities, large-scale project management know-how, and submarine/destroyer construction technologies.

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