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Korean shipbuilders eyeing orders worth USD 25 billion from Petrobras

Dow Jones reported that South Korea's four shipbuilders will meet executives of Brazil's Petroleo Brasileiro SA in Seoul this week in hopes of getting vessel orders worth more than USD 25 billion.

An executive at one of the four shipbuilders said that "We hope the meeting with Petrobras will result in real orders for offshore facilities and vessels, though there may be no immediate results."

It may be noted that Mr Almir Barbassa CFO of Petrobras and other executives will make presentations to local financial institutions on shipping finance, before holding separate meetings with each of the shipbuilders like Hyundai Heavy Industries Co, STX Shipbuilding Co Samsung Heavy Industries Co and Daewoo Shipbuilding & Marine Engineering Co.

An executive at another shipbuilder said that "Samsung Heavy and Daewoo Shipbuilding will be in a better position to win orders for offshore facilities such as drill ships and semi submersible drilling rigs, due to their experience and know how."

But the other two shipbuilders namely Hyundai Heavy and STX Shipbuilding may also win orders as Petrobras is expected to place orders for 28 offshore facilities and vessels with overseas suppliers.

In November, South Korea and Petrobras signed a MoU in which any payment for orders Petrobras places with Korean companies for vessels and plants will be insured by state run Korea Export Insurance Corporation.

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