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SHI to book ship order partly in won

SHI to book ship order partly in won

Seoul: Samsung Heavy Industries has announced that it is to receive 58% of a $400m order in Korean won instead of the US dollar for the first time in Korea's shipbuilding industry. The contract, to build an FPSO for a Norwegian company, will see SHI receive 222 billion won in addition to $160m.The move is an effort to reduce currency losses incurred by exchange rate fluctuations due to conducting transactions in US dollars as well as stabilise the foreign exchange markets. SHI stated that this decision reflected the company's strengthened status in the world and said that it would "promote this system continuously". The company received orders worth an average of $4.5 billion in 2006.  [16/02/07]

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