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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Daewoo Shipbuilding & Marine Engineering Co., Ltd.    A042660   KR7042660001

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.

(A042660)
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Qatar Petroleum signs $19 billion shipbuilding agreements with Korean companies

06/01/2020 | 09:33am EST

Qatar Petroleum (QP) [QATPE.UL] said on Monday it has signed agreements with South Korea's "Big 3" shipyards to secure more than 100 ships costing more than 70 billion Qatari riyals ($19.23 billion).

The agreements signed with Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries will occupy much of the three companies' liquefied natural gas (LNG) ship construction capacity through 2027.

Under the deal, described by QP chief executive as the largest LNG shipbuilding program in history, the three companies will reserve a major portion of their LNG ship construction capacity for Qatar Petroleum through the year 2027.

"We have secured approximately 60% of the global LNG shipbuilding capacity through 2027 to cater for our LNG carrier fleet requirements in the next 7-8 years, which could reach 100+ new vessels with a program value in excess of 70 billion Qatari Riyals," said Saad al-Kaabi, QP's chief executive and Qatar's energy minister.

QP, the state-run LNG producer in the world's top supplier of the fuel, wants to lift output to around 126 million tonnes per annum by 2027 from today's 77 mtpa.

Exploration work in the expanded North Field mega project showed confirmed gas reserves there exceed 1,760 trillion cubic feet, Kaabi said in November.

"We are moving full steam ahead with the North Field expansion projects," he said in Monday's statement.

"The agreements will ensure our ability to meet our future LNG fleet requirements to support our expanding LNG production capacity and long-term fleet replacement requirements."

Though plans to start production from its new gas facilities were postponed to 2025, due to a delay in the bidding process and the impact of the coronavirus, Kaabi had told Reuters in April his company will not scale back a plan to build six new LNG production trains.

The three South Korean companies' CEOs were cited in the QP release, but did not issue statements of their own on the deals.

(Reporting by Yousef Saba; Writing by Yousef Saba and Dahlia Nehme; Editing by Louise Heavens and Andrew Cawthorne)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD. -0.92% 27000 End-of-day quote.-3.05%
HYUNDAI CORPORATION -0.33% 15200 End-of-day quote.-15.08%
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. 0.35% 284000 End-of-day quote.-15.98%
HYUNDAI MOTOR COMPANY -0.28% 179000 End-of-day quote.48.55%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. 1.40% 108500 End-of-day quote.-14.23%
SAMSUNG ELECTRONICS CO., LTD. 2.10% 68000 End-of-day quote.21.86%
SAMSUNG HEAVY INDUSTRIES CO., LTD. -1.16% 6840 End-of-day quote.-5.91%
THE GLOBAL LTD. 12.81% 273 End-of-day quote.-42.04%
THE NEW HOME COMPANY INC. 0.52% 5.76 Delayed Quote.23.61%
WORLD CO., LTD. -0.97% 1324 End-of-day quote.-50.80%
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Financials
Sales 2020 7 225 B 6,53 B 6,53 B
Net income 2020 310 B 0,28 B 0,28 B
Net Debt 2020 1 419 B 1,28 B 1,28 B
P/E ratio 2020 9,62x
Yield 2020 -
Capitalization 2 899 B 2 625 M 2 621 M
EV / Sales 2020 401x
EV / Sales 2021 418x
Nbr of Employees -
Free-Float 44,1%
Chart DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
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Technical analysis trends DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 28 153,85 KRW
Last Close Price 27 250,00 KRW
Spread / Highest target 32,1%
Spread / Average Target 3,32%
Spread / Lowest Target -19,3%
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Managers
NameTitle
Seong-Geun Lee President, Chief Executive Officer & Director
Yong-Seok Choi Director, Vice President, Head-Finance & Economy
Young-Gi Jeong Independent Director
Tae-Seok Yoon Independent Director
Jae-Ho Choi Independent Director