Samsung Heavy closes in on SE Asian yard investment

Seoul: As has long been reported on this site, Samsung Heavy Industries is expected to announce an overseas yard soon, with three Southeast Asian yards vying for the Korean’s favour.

The conglomerate aims to spend $950m on building the yard by 2017, according to its cfo, Chun Tae Heung, who spoke with Bloomberg yesterday.

Indonesia, Vietnam and Malaysia are being considered for building bulk ships, tankers and smaller container vessels, Chun said, freeing up its main yard to focus on higer margin offshore and gas related projects. Chun said the new yard could be announced by the end of this year.

Samsung has been linked with yard buys in the Philippines and Vietnam in the past couple of years.  [30/09/14]

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