DSME

Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) (Korean: 대우조선해양, 大宇造船海洋) is one of the "Big Three" shipbuilders of South Korea (including Hyundai and Samsung).

Daewoo Shipbuilding & Marine Engineering Co., Ltd
TypePublic
KRX: 042660
IndustryShipbuilding
Defense
Founded23 October 2000 (23 October 2000)
Headquarters
Geoje, South Gyeongsang, South Korea
,
South Korea
Number of locations
3: Okpo, Houston, London
Key people
Sung-geun Lee,
President, CEO, and Director
ProductsFPSO, Semi-submersible, Drillship, Passenger, LNG/LPG, VLGC/VLCC, LNG-RV(regasification vessels), offshore structures. etc, and Naval ships
RevenueUS$ 12.76 billion (2015)[1]
US$ (2.50)  billion (2015) [1]
US$ (2.72)  billion (2015) [1]
Total assetsUS$ 16.21 billion (2015) [1]
Total equityUS$ 635 million (2015) [1]
Number of employees
13,458 (March 31, 2014)
Websitewww.dsme.co.kr

History

On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the then record holder; the Mærsk E-class at 15,200 containers.[2] The contract is worth $1.9bn.[3] The first is to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn.[3] The new class is called the Triple E class.

On December 20, 2011, Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines.[4] It also would mark the first exports of submarines from South Korea.[5]

On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships will enter service in 2016.[6]

The firm is building 15 LNG icebreaker/tanker ships commissioned by Yamal LNG which will be used to export liquefied natural gas from the Russian Arctic. Each icebreaker/tanker is designed to operate year-round from the Yamal Peninsula and to break ice up to 2.5 meters thick. The tankers were designed in Finland by Aker Arctic Technology Inc.[7][8]

The South Korean Board of Audit and Inspection found 1.5 trillion won (approximately US$1.27 billion) of accounting fraud in DSME's books on 15 June 2016.[9] In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.[10] After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a Won2.9tn (US$2.6bn) government loan in March 2017 to prevent bankruptcy.[11]

In 2017, it was uncovered that North Korea may have hacked the company and stole company's blueprints in April 2016.[12]

See also

References
  1. "Financials Information for Daewoo Shipbuilding & Marine Engineering Co., Ltd". Hoover's Inc.
  2. Emma Mærsk Archived 2009-03-27 at the Wayback Machine
  3. "Triple-E Class Container Ships". ship-technology.com. Retrieved 2014-10-10.
  4. "RI orders 3 submarines worth $1b in regional 'catch-up'". December 22, 2011.
  5. "DSME to Build Three Submarines for Indonesia". October 10, 2011.
  6. "South Korea wins Royal Navy tanker deal worth £452m". BBC News. 22 February 2012.
  7. Eric Roston (July 9, 2018). "Russia Is Building $320 Million Icebreakers to Carve New Arctic Routes: The 1,000-foot-long vessels for hauling liquefied natural gas can cut through ice up to 7 feet thick". Bloomberg. Retrieved July 11, 2018.
  8. "Aker Arctic Technology Inc Newsletter" (PDF). akerarctic.fi. Aker Arctic. March 2018. p. 10. Archived from the original (PDF) on July 11, 2018. Retrieved July 11, 2018.
  9. "Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding". Yonhap News Agency. 15 June 2016. Retrieved 22 June 2016.
  10. Kyunghee Park (29 September 2016). "Daewoo Shipbuilding Told by Exchange to Improve Financials". Bloomberg.
  11. Youkyung Lee (23 March 2017). "South Korea to inject $2.6 bln into ailing shipyard Daewoo". SFGate. Archived from the original on 24 March 2017.
  12. "North Korea hacked Daewoo Shipbuilding, took warship blueprints". Reuters. 2017-10-31.
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