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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Daewoo Shipbuilding & Marine Engineering    042660   KR7042660001

DAEWOO SHIPBUILDING & MARINE ENGINEERING

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Daewoo Shipbuilding & Marine Engineering : Delivers 1 Drill Ship to Angolan Oil Firm

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03/16/2019 | 04:53am EDT

Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, said Friday that it has delivered one of two drill ships to the Angolan state oil company Sonangol.

Late last year, the shipyard said it ended a yearslong dispute over a delay in the delivery of the ships.

Daewoo Shipbuilding said it has agreed with Sonangol on the delivery of the two ships this year for 900 billion won (US$799 million).

With the delivery of the first drill ship, Daewoo Shipbuilding secured some 560 billion won.

The other drill ship will be delivered within two months, it added.

In 2013, the Korean shipyard clinched a deal to build two drill ships for Sonangol, and the delivery had been originally scheduled for 2016.

But the Angolan state oil company balked at full payment as its financial status worsened amid a fall in global oil prices.

Daewoo Shipbuilding said it has already fully reflected the losses from the delayed ship delivery on its balance sheet.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (KRW)
Sales 2019 7 753 B
EBIT 2019 348 B
Net income 2019 225 B
Debt 2019 2 416 B
Yield 2019 -
P/E ratio 2019 15,39
P/E ratio 2020 15,79
EV / Sales 2019 0,71x
EV / Sales 2020 0,67x
Capitalization 3 088 B
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 36 522  KRW
Spread / Average Target 27%
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Managers
NameTitle
Sung-Leep Jung President, Chief Executive Officer & Director
Youl-Jung Kim Director, Vice President & Head-Finance
Young-Bok Choi MD & Head-Industrial Technology Research
Wook-Sung Cho Director, Vice President & Head-Management
Young-Gi Jeong Outside Director