September 07, 2008

Daewoo Shipbuilding to invest KRW 163 billion in production facilities

Daewoo Shipbuilding & Marine Engineering Co said that it plans to spend KRW 163.2 billion (USD 164 million) to expand its facility for the production of vessel parts.

The investment will be made by March 2010 at its shipyard in Okpo, about 420 kilometers south of Seoul.

The shipbuilder also said it plans to spend KRW 44.5 billion to buy a 50% stake in DK Maritime SA, a shipping company to be set up in Panama along with Korea Line Corp, a South Korean shipping company.