Kuwait Oil Tanker Will Award Contracts to Daewoo, Al-Anba Says

Kuwait Oil Tanker Co. received approval from state-owned Kuwait Petroleum Corp. to award contracts worth $556 million to South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (042660) for five crude-oil tankers, Al-Anba reported today, citing people it didn’t identify.

The tankers are part of Kuwait Oil Tanker’s plans for nine new vessels, in a third phase of modernizing its fleet, according to the Kuwait-based newspaper.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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