Daewoo Shipbuilding aims to win US$ 10 bln in orders this year

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said Monday that it aims to win US$ 10 billion worth of orders this year.

In a regulatory filing, the shipbuilder said it is targeting sales of 12.4 trillion won ($ 10.7 billion) and operating income of 1 trillion won this year.

It also said it plans to spend 600 billion won on facility investment. The company did not provide any comparable figures.

Daewoo Shipbuilding is expecting that orders from oil firms such as Chevron Corp. may increase this year.

Global contracts for new vessels in the first 11 months of last year plunged 83 percent from a year earlier, according to London-based market researcher Clarkson Plc.

South Korea, home to seven of the world's top 10 shipyards, has clinched record-high orders in the past few years on strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.

But orders for new vessels have sunk since the third quarter of last year, as the credit crisis and the subsequent global recession have prodded companies to postpone delivery dates or cancel orders. (PNA/Yonhap)

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