Daewoo Shipbuilding wins US$1.37 billion order for 2 drill ships

Daewoo Shipbuilding & Marine Engineering Co., the world's second-largest shipbuilder, said Friday that it has won a 1.44 trillion won (US$1.37 billion) deal to build two drill ships.

The deal from an American customer calls for Daewoo Shipbuilding & Marine Engineering to deliver the vessels, used for deep-water oil exploration, by April 2011, the company said in a regulatory filing.

Shares of Daewoo Shipbuilding & Marine Engineering closed at 46,500 won on the Seoul bourse, down 2.92 percent.

Daewoo Shipbuilding & Marine Engineering has set this year's target for orders at $17.5 billion. The shipbuilder posted a net profit of 78.4 billion won in the first quarter, up 51 percent from a year earlier, on sales of 2.12 trillion won.

Source: http://www.tradingmarkets.com