European Union regulators are set to veto Hyundai Heavy Industries Co.'s proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., citing monopoly issues, industry sources said Wednesday. Within this week, the EU's antitrust regulator will likely announce its decision to block the merger of the South Korean shipbuilders, arguing the tie-up could create a monopoly in the LNG ship market amid rising energy prices, a person familiar with the matter told Yonhap New

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday that it has signed an 850 billion won ($762 million) deal to build an offshore plant. The deal is a part of a total 2.5 trillion won order to build a FPSO, which was placed by Brazilian state-owned oil firm Petrobras, KSOE said. FPSO is short for a floating production, storage and offloading vessel, a type of floating tank system used in the offshore oil and gas industry. The 2.5 trillion won deal was jointly obtained by KS

Large South Korean companies have actively engaged in mergers and acquisitions (M&A) this year despite the economic fallout of the coronavirus outbreak, industry data showed Wednesday. Big businesses in Asia's fourth-largest economy spent a combined 11.45 trillion won ($9.7 billion) in 52 M&A cases in the first eights months of this year, according to the data from CEO Score. Big spenders include KB Financial Group Inc., a major South Korean banking group, which took over Prudential L

South Korea will accelerate its corporate restructuring drive in shaky industries like shipbuilding and steelmaking in 2017 in a bid to gain a foothold for the future industrial revolution, the government said Wednesday.At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the government reviewed action plans on revamping four key industrial sectors -- shipbuilding, steelmaking, shipping and petroleum -- and came up with detailed schemes for this year. South Korea's Fina

Hyundai Heavy Industries Co., the world’s biggest shipbuilder, won an order to build 10 mega- container vessels for $1.2 billion, the biggest new contract for the type industrywide in a year.The vessels, each able to hold 13,800 20-foot boxes, will be operated by Evergreen Group, the Ulsan, South Korea-based shipbuilder said in a statement on Tuesday. Evergreen will lease the vessels from Enesel SA, the Taiwanese shipping line said separately. Deliveries are due to start in the second half of ne

Daewoo Shipbuilding & Marine Engineering Co. opened the world’s largest floating production storage and offloading facility in Angola Tuesday, allowing offshore processing of hydrocarbons in the Pazflor oil field. The company said its project, dubbed Pazflor Floating Production Storage & Offloading Unit, is the first of its kind to process two very different grades of liquefied gas petroleum.“We’re proud to announce that Daewoo Shipbuilding has completed its third project in the Total E&P-operat