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Daewoo

Oil & Gas

Daewoo shipbuilding posts quarterly loss on offshore projects

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.

Oil & Gas

Aker Solutions wins hook-up contract for Mariner development

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.