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SHI announces $771m order

SHI announces $771m order

Seoul: Samsung Heavy Industries has signed a 713-billion-won ($771m) contract for the construction of six container ships for an undisclosed European shipowner. The vessels are scheduled for  delivery by July 2010.

This new order comes on the heels of the news that the yard saw $6.8bn in sales in the first four months of this year. In a statement, the company claimed that this was "the shortest period of time in which any company in the world shipbuilding industry has surpassed the $6bn mark." It added that the company has already passed the halfway mark for SHI's total order target of $11bn for 2007.

The yard plans to spend $260m for the construction of two production plants in China and a further $600m on infrastructural work at its Geoje shipyard.  [16/05/07]