SOUTH Korea’s Daewoo Shipbuilding & Marine Engineering is continuing to chase offshore work, contrary to its pledge when receiving a government bailout worth billions of dollars.
Daewoo made the promise to end its offshore business as the contractor took more than $2.5 billion in funding from the government and state-run Korea Development Bank (KDB).
However, the contractor today is vying against compatriots Samsung Heavy Industries and Hyundai Heavy Industries and others for the central processing facility for PetroVietnam’s Block B gas development off Vietnam.
