South Korea: Hyundai Mipo and KOTC Ink USD 250 Mln Contract

Hyundai Mipo Dockyard, subsidiary of Hyundai Heavy Industries, has secured USD 250 million order, from Kuwait Oil Tanker Company to fabricate four MR chemical tankers. Hyundai Mipo won the order as the best bidder out of the three finalists.

Under the tender name Design, Construction and Delivery of FOUR (4) MR TANKERS(NB11,NB12,NB13,NB14), released in March 2010, three shipyard submitted their offers to KOTC. The company selected Hyundai Mipo as the best finalist with the best offer. The construction contract with the shipyard was signed on Tuesday in Kuwait.

Hyundai Mipo, so far, secured total of USD 400 Mln in newbuid orders aiming to reach 3.2 billion mark for 2012.

Hyundai Heavy Industries Co., Ltd, the world’s largest shipbuilding company is headquartered in Ulsan, South Korea. The company is a subsidiary of Hyundai Heavy Industries Group. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.

Hyundai Mipo Dockyard Co., Ltd, one of HHI’s subsidiaries, is a shipbuilder of medium-sized vessels such as product/chemical carrier, bulk carrier, container carrier, PCTC, Con/Ro-Ro vessel, LPG carrier, General Cargo Carrier, Asphalt Carrier, offshore units and specialized vessels.

[mappress]

Shipbuilding Tribune Staff, February 29, 2012; Image: hmd