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Daewoo Shipbuilding's third-quarter net loss reaches $ 1.2 billion


Oct 31 2015

Core tip: Recently, Daewoo Shipbuilding announced its third quarter 2015 results. Due to the decline in new ship orders and delays in the delivery of offshore engineering projects, in the third quarter ended September 30, Daewoo Shipbuilding's net loss reached 1.35 trillion won (about 1.2 billion U.S. dollars).
 
Recently, Daewoo Shipbuilding announced its 2015 third quarter results. Due to the decline in new ship orders and delays in the delivery of offshore engineering projects, in the third quarter ended September 30, Daewoo Shipbuilding's net loss reached 1.35 trillion won (about 1.2 billion U.S. dollars).
In the second quarter of this year, Daewoo Shipbuilding reported a loss of 2.39 trillion won (about 2.1 billion U.S. dollars). This was also the worst quarterly loss ever made by Daewoo Shipbuilding.
 
Not long ago, American drilling contractor Transocean just reached an agreement with Daewoo Shipbuilding to delay the delivery of two ultra-deepwater drilling vessels under construction. The two drilling ships were ordered in 2012 and were originally due to be delivered in October 2016. The current delivery periods have been delayed by 12 months each.
 
In addition, in August this year, the American drilling contractor Vantage Drilling cancelled the construction contract of a super deep-water drilling vessel Cobalt Explorer under construction at Daewoo Shipbuilding. Vantage delayed the deadline for the second installment of $ 59.5 million at the end of last year. However, Vintage still failed to make the payment within the deadline of July 15 this year.
 
In July this year, Daewoo Shipbuilding Creditors, led by the Korea Industrial Bank (KDB), began reviewing Daewoo Shipbuilding's restructuring measures, including the sale of non-core assets. The creditors are expected to announce specific rescue plans on Thursday.

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