Daewoo Wins Newbuild Order

25 October 2010 (Last Updated October 25th, 2010 18:30)

Daewoo Shipbuilding & Marine Engineering (DSME) has secured a $800m order from Russia to jointly construct oil carriers with a Russian shipbuilder. Under the agreement the South Korean firm will build 12 ships with United Shipbuilding for Sovcomflot. The joint venture,

Daewoo Shipbuilding & Marine Engineering (DSME) has secured a $800m order from Russia to jointly construct oil carriers with a Russian shipbuilder.

Under the agreement the South Korean firm will build 12 ships with United Shipbuilding for Sovcomflot.

The joint venture, Zvezda-DSME, is expected to deliver the vessels in 2014.

DSME also revealed that its third-quarter earnings rose 56% to KRW298bn ($262m).