May 24, 2017 6:19 AM ET

Machinery

Company Overview of Daewoo Shipbuilding & Marine Engineering Co., Ltd.

Company Overview

Daewoo Shipbuilding & Marine Engineering Co., Ltd. operates as a shipbuilding and offshore company in Korea and internationally. The company offers commercial vessels, including tankers, container carriers, bulk carriers, ore carriers, LNG and LPG carriers, roll-on roll-off carriers, chemical carriers, product carriers, passenger ferries, and other vessels; specialty vessels comprising submarines, destroyers, battle ships, submarine rescue vessels, AUVs, and other specialty vessels; fixed platforms, rigs, and FPSO/FPU/FSOs for offshore oil and gas exploration and production; onshore plants, such as chemical plants, seawater treatment plants, and power plants; industrial facilities, including...

3370, Geoje-daero

Geoje,  

South Korea

Founded in 1973

Phone:

82 5 5735 2114

Key Executives for Daewoo Shipbuilding & Marine Engineering Co., Ltd.

Chief Executive Officer, President and Representative Director
Age: 66
Head of Finance and Inside Director
Age: 58
Chief Operating Officer and Senior Vice President
Managing Director
Managing Director
Compensation as of Fiscal Year 2016.

Daewoo Shipbuilding & Marine Engineering Co., Ltd. Key Developments

Hyundai Merchant Marine Inks Letter of Intent with Daewoo Shipbuilding & Marine Engineering for Very Large Crude Carriers

Hyundai Merchant Marine (HMM) has inked a letter of intent (LOI) with Daewoo Shipbuilding & Marine Engineering (DSME) to construct five 300,000 dwt very large crude carriers (VLCC’s) with an option of five additional vessels. At the end of the year 2016, HMM established a new building examination committee, and has thoroughly reviewed all the conditions for new building also to include demand, type, and number of vessels, market trend, and investment feasibility. A final agreement for the vessels would likely be complete by the end of July. Apart from the VLCC's, HMM also plans to order small to medium sized containerships.

Daewoo Shipbuilding & Marine Engineering Wins KRW 280 Billion ($250 Million) Contract with a Greek Shipping Company

Daewoo Shipbuilding & Marine Engineering (DSME) has inked a KRW 280 billion ($250 million) contract with a Greek shipping company to build three very large crude oil carriers (VLCCs), a deal providing financial relief to Korea's debt-ridden shipbuilder. DSME announced that it had clinched the order to build three 318,000-ton VLCCs with Maran Tankers Management, an affiliate of Angelicoussis Shipping Group. The 336-meter-long and 60-meter-wide VLCCs are expected to include DSME's latest eco-friendly technologies that satisfy the International Maritime Organization's environmental standards. The three carriers will be delivered in 2018.

Daewoo Shipbuilding & Marine Engineering to Reduce its Workforce to Around 10,000

At Daewoo Shipbuilding & Marine Engineering (DSME), the average annual salary plunged KRW 15 million ($13,410) to KRW 60 million, the larger drop among the three. DSME also cut executive salaries by 20% to 30% during the second half of last year because of liquidity problems. The company's managing directors' salaries were cut by 10% to 15%. The ailing shipbuilder also had a massive layoff program to reduce its workforce to around 10,000.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 7, 2017
Korea Marine Finance Corporation
Merger/Acquisition
January 17, 2017
Daehan Shipbuilding Co., Ltd.
Merger/Acquisition
December 23, 2016
DSEC Co., Ltd.
 

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