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September 08, 2008


Samsung Heavy wins USD 1.2 billion order for two drill ships

Yonhap reported that the world's second largest shipbuilder, Samsung Heavy Industries Co has received an order to build two drill ships for USD 1.2 billion as demand for oil prompts companies to spend more on exploration.

Samsung Heavy Industries Co in a regulatory filing, without identifying the buyer said that “The vessels will be delivered by March 31st 2011, to a client from the western Pacific region.”

Record high oil prices and global economic growth are encouraging BP Plc, Total SA and other oil companies to increase spending on fuel exploration and production. That's leading to a fifth consecutive year of record orders for shipyards in South Korea.