THERE are no signs of recovery as yet for South Korea’s three shipyard giants, which continue to struggle with the after-effects of massive financial losses and the industry downturn that means they cannot replenish their order books.
The well-publicised troubles for Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries began at the start of the rig-building boom a few years ago when they were bidding aggressively against each other for giant semi-submersible drilling rigs and drillships.
