Daewoo Shipbuilding & Marine Engineering

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Coordinates: 34°52′29″N 128°42′15″E / 34.874665°N 128.704147°E / 34.874665; 128.704147

Daewoo Shipbuilding & Marine Engineering Co., Ltd
Public
Traded as KRX: 042660
Industry Shipbuilding
Defense
Founded 23 October 2000; 16 years ago (23 October 2000)
Headquarters Geoje, South Gyeongsang, South Korea, South Korea
Number of locations
3: Okpo, Houston, London
Key people
Sung Leep Jung,
President, CEO, and Director
Products FPSO, Semi-submersible, Drillship, Passenger, LNG/LPG, VLGC/VLCC, LNG-RV(regasification vessels), offshore structures. etc, and Naval ships
Revenue US$ 12.76 billion (2015)[1]
US$ (2.50)  billion (2015) [1]
US$ (2.72)  billion (2015) [1]
Total assets US$ 16.21 billion (2015) [1]
Total equity US$ 635 million (2015) [1]
Number of employees
13,458 (March 31, 2014)
Website www.dsme.co.kr

Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) (Korean: 대우조선해양) is the fourth largest shipbuilder[2] in the world and one of the "Big Three" shipbuilders of South Korea (including Hyundai and Samsung).

On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the current record holder; the Mærsk E-class at 15,200 containers.[3] The contract is worth $1.9bn.[4] The first is to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn.[4] The new class is called the Triple E class.

On December 20, 2011 Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines.[5] It also would mark the first exports of submarines from South Korea.[6]

On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships will enter service in 2016.[7]

The South Korean Board of Audit and Inspection found 1.5 trillion won (approximately US$1.27 billion) of accounting fraud in DSME's books on 15 June 2016.[8] In July, 2016, shares in DSME were suspended from trading, and will remain suspended until at least September 28, 2017.[9] After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a Won2.9tn (US$2.6bn) government loan in March 2017 to prevent bankruptcy.[10]

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