South Korea: DSME Aims for USD 11 Billion New Orders in 2012

South Korea’s Daewoo Shipbuilding & Marine Engineering is striving toward approximately $11 billion in new orders next year, Reuters reports.

Nam Sang-tae, Chief Executive Officer, stated that the company is intending to invest 500 billion won ($434.71 million) in facilities and new hires in 2012. He added that 70-80% of orders in 2012 will be for offshore vessels such as drillships.

Daewoo exceeded this year’s orders target of $11 billion, taking in around $14.8 billion. ($1 = 1150.2000 Korean won).