Daewoo Shipbuilding aims for $ 11 b new orders in 2012

Reuters: South Korea’s Daewoo Shipbuilding and Marine Engineering, the world’s No.2 shipbuilder, is aiming for around $11 billion in new orders next year, the same as it initially forecast for 2011, despite a credit crunch that has seen orders cancelled.

Chief Executive Officer Nam Sang-tae told reporters that the shipbuilder would spend 500 billion won ($434.71 million) in facilities and new hires in 2012, in comments that were confirmed by the company’s press officer.

“The commercial ship business will be better from 2013,” Nam said, according to his press official.

Nam believes that 70-80 percent of orders in 2012 would be for offshore vessels such as drillships.

Nam also said Daewoo exceeded this year’s orders target of $11 billion, taking in around $14.8 billion.