Daewoo Shipbuilding bags $520m order for drillship

Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Wednesday that it has clinched a US$520 million order to build a drillship. Under the deal with Transocean of the United States, Daewoo Shipbuilding will deliver the vessel during the first half of 2016, the company said in a statement. A drillship is used for exploratory offshore drilling for new oil and gas wells in deep waters. The shipbuilder said a steady rise in demand for such specialized vessels is expected due in part to high crude oil prices that make deep sea exploration and development more profitable. So far this year, Daewoo Shipbuilding has won deals to build seven drillships, the largest among local shipyards. The Korean shipbuilder has received orders worth some $11.78 billion so far this year, nearing its yearly target of $13 billion.