South Korea’s National Pension Service agreed to restructure 1.55 trillion won ($1.4 billion) of bonds issued by Daewoo Shipbuilding & Marine Engineering Co., helping the world’s largest shipbuilder tide over a payment crisis that had threatened to almost shut the company.
South Korea’s National Pension Service has a decision to make -- help the world’s biggest shipmaker survive, or let it die.
Maersk Drilling has taken delivery of the jack-up rig that will perform plug and abandonment work on the Valhall field.
South Korean prosecutors have raided Daewoo Shipbuilding and Marine Engineering (DSME) as part of an investigation into alleged accounting irregularities.
A dipped offshore balance sheet has forced Daewoo Shipbuilding & Marine Engineering to shed 12,000 jobs.
Pacific Drilling has cancelled the construction contract for the ultra-deepwater drillship Pacific Zonda after Samsung Heavy Industries failed to deliver the vessel on time.
Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder, posted its second straight quarterly loss as a slump in oil prices increased costs for its offshore operations. The third-quarter loss was 1.35 trillion won ($1.2 billion), compared with a 35.5 billion-won profit a year earlier, the company said in a regulatory filing Tuesday. That’s wider than the average 95.2 billion-won loss of eight analyst estimates compiled by Bloomberg. In the second quarter, Daewoo Shipbuilding posted a loss of 2.3 trillion won, its biggest ever. Customers increasingly are asking global shipyards to delay delivery of ships and offshore rigs as weaker economic growth and sluggish oil prices make it difficult for them to pay for the projects.
Daewoo Shipbuilding & Marine Engineering in South Korea is set to sell non-core assets and will shut down or exit its non-essential units as part of restructuring after a being hit with losses in the second quarter.
Aker Solutions has secured a £120million contract for work on the Mariner oilfield development in the UK North Sea. The agreement will see the company provide engineering, construction and commissioning services during the development’s hook-up phase. Aker will carry out the work on behalf of Daewoo Shipbuilding and Marine Engineering on the development. The deal comes in addition to a five-year maintenance and modification service contract awarded by Statoil in June.