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SEOUL—Daewoo Engineering & Construction Co., South
Korea’s largest builder, signed a contract to build a
ship-repair yard and a dry-dock complex in Oman for 277
billion won ($264 million), benefiting from a Middle
East construction boom.
The
project will be completed by December 1, 2011, the
Seoul-based company said in a regulatory filing Monday.
The order placed by the National Economy and Supervisor
of the Ministry of Finance in Oman was first announced
in January this year.
South
Korean contractors are set to win record overseas orders
for a third year in 2008 as oil prices and global
economic growth spur demand for refineries and power
plants, especially in the
Middle East. South Korean companies have won $21.7 billion of orders
this year, 76 percent more than a year earlier,
according to the International Contractors Association
of Korea.
Daewoo
Engineering on January 24 forecast overseas orders would
almost double to more than 3 trillion won this year. In
2007, the company received a record 10 trillion won in
contracts, 19 percent more than a year earlier. It has
an order backlog worth 25.4 trillion won, representing
more than four years of work.
The
company has $1.67 billion of overseas orders as of
Monday, almost double the $879 million a year earlier,
according to the association.
Daewoo
Engineering stocks have dropped 30 percent this year,
compared with a 5.2-percent decline in South Korea’s
Kospi index. (Bloomberg) |
