Daewoo Shipbuilding wins W725b order for offshore platform

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has secured a 725 billion-won ($630 million) order to build a fixed offshore facility from Qatar's oil and natural gas company North Oil Co.

The fixed platform, a type of offshore platform used for the production of oil and gas, will be used to increase the production of oil in the Middle Eastern country's largest oil field, Al-Shaheen, Daewoo Shipbuilding said in an emailed statement.

The shipbuilder plans to deliver the offshore facility by July 2024, it said in a regulatory filing.

Last month, Daewoo Shipbuilding won a 1.1 trillion-won deal to build a hull of an offshore facility.

With the latest deal, Daewoo Shipbuilding has achieved about 80 percent of its annual target of $7.7 billion, bringing the combined value of its orders to $6.13 billion so far this year. (Yonhap)