Korea accelerates offshore complex

Korea's Galsa bay shipbuilding industrial complex project in the Gwangyang Bay Area Free Economic Zone has quickened pace this year since its groundbreaking ceremony in March 2010.

The project is on track, with Daewoo Shipbuilding & Marine Engineering providing a KRW11 billion (USD10.1 million) down payment (accounting for 10% of land purchasing costs) and Hanshin Engineering Construction paying KRW44.1 billion for the construction contract.

Daewoo plans to create a high-tech shipbuilding/offshore complex on this area that will mainly construct offshore plants such as drillships, LNG-FPSOs and LNG-FSRUs.

The Offshore Plant R&D Center, led by the government, is set to be placed within the complex and scheduled for operation from 2015.

Source: Asiasis