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Samsung Heavy Industries secures giant double drillship order

Samsung Heavy Industries secures giant double drillship order

Seoul: Korea's Samsung Heavy Industries (SHI) has succeeded in winning a large-scale order from Brazil.

SHI disclosed on Thursday that it had accepted orders worth $1.44 billion (approximately 2 trillion won) from a Brazilian shipowner to build two drillships, which are oil drilling ships used in deep waters. These drillships are high value-added vessels that are used in deep sea areas with its capability to drill up to 11km below sea level. The shipowner seeks to receive the ships in March 2012 and include them in oil-drilling works in Brazilian waters.

By adding on its most recent deal, SHI has posted $15.3 billion in orders this year. This figure exceeds the company's initial annual target of $15 billion.

'We are soon expected to additionally sign drillship orders with European and American shipowners, and thus, orders by the year-end are projected to surpass $16.5 billion,' said Lee Hyeon-yong, a managing director at SHI.

SHI has demonstrated a striking advancement in offshore sector orders this year. Up until now, the shipbuilder has received orders for 11 drillships and 5 LNG-FPSO (Floating Production Storage & Offloading Unit) ships, posting orders worth $10.2 billion in the offshore energy-related sector alone. This accounts for more than 65 percent of overall orders. It was the first time that the offshore sector exceeded the shipbuilding sector in orders since the shipbuilder was founded. In particular, SHI won 29 out the 44 drillship orders that have been placed since 2000, reflecting its strength in drillships as it accounts for 66 percent in market share.  [21/11/08]