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$640 Million Bergesen Contract Awarded To Daewoo

The contract for four LNG ships for lease to Nigeria goes to Korean group...

Daewoo Shipbuilding & Marine Engineering Co., the second-largest shipbuilder in the world, has said that it has won orders worth some $640 million to build four new liquefied natural gas carriers for the Norwegian shipping group, Bergesen.

The 140,500-cubic-meter carriers will be delivered by the first quarter of 2006, Daewoo Shipbuilding said in a statement. The carriers will be chartered to Nigeria LNG for the African country's LNG development project, it said.

Bergesen is expecting growth in the gas transportation market, with natural gas usage risen 22 percent worldwide in the last decade. Including the latest contract, Daewoo Shipbuilding has won a total of $740 million in orders in the first two months of this year, or about a quarter of its full-year target of $3 billion. Last year, the company booked orders worth $3.2 billion.

The ship builder reported that net income of 157.6 billion won ($118 million) in 2001, its first full year since it was separated from Daewoo Heavy Industries Co. last year. The company posted an operating profit of 292.4 billion won last year on sales of 3.02 trillion won.

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