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Daewoo Shipbuilding Undersold DSEC

Recently, Daewoo Shipbuilding has undersold one of its subsidiary Daewoo Ship Engineering Company?DSEC?, the price is about 70 billion won (about 58 million 100 thousand dollars).

Earlier this year, DSEC signed a $120 million design contract with the US NASSCO shipyard to provide design and materials for the construction of 2 ro-ro ships. DSEC will be responsible for the design of these 2 ships, with length of 265 meters and width of 35 meters, can simultaneously load up 525 cars and 3250 containers.

As the shipbuilding industry continues to slump, Daewoo Shipbuilding is facing increasing losses. In order to through the crisis, Daewoo shipbuilding plan to implement a host of restructuring measures including layoffs and the sale of non-core assets, etc. In addition, other subsidiary of Daewoo shipbuilding is to be sold like Shandong Daewoo shipbuilding.