SEOUL: South Korea's Daewoo Shipbuilding and Marine Engineering Co. (DSME) has won a US$800-million deal from the United Arab Emirates to build modules for offshore plants, the South Korean company said Monday.
The deal is part of a $3.7 billion project to create four artificial islands in waters off the UAE's northwestern region and build oil producing facilities on the islands, according to South Korea's News Agency (Yonhap).
Under the deal, DSME will design, purchase or build modules for 22 production facilities by 2017.
The modules will account for about 40 percent of the total needed for the entire project, it said.
The remaining 60 percent, apparently worth about $1 billion, will be supplied by Daewoo's consortium partner, Petrofac Emirates.
"We will be able to create a great synergy by combining Daewoo's manufacturing skills with Petrofac's designing expertise," Ko Jae-ho, the president of DSME, was quoted as saying.
"I believe the project will also place DSME in a favorable position in the Middle Eastern market for offshore plants." (QNA)
