South Korean steel giant POSCO has announced that its trading house subsidiary Daewoo International will build a $20 million offshore supply vessel for Swire Pacific Offshore (OSV), a Singapore-based service provider to the offshore oil and gas industry.
Daewoo will deliver the vessel to be built in cooperation with another POSCO subsidiary Sungjin Geotec, specializing in offshore plant equipment, within one year. Sungjin Geotec plans to strengthen its ties with Daewoo International to expand its presence in global offshore supply vessel markets.
Offshore supply vessels, used for diving assistance or oceanographic surveys for offshore oil platforms, are becoming increasingly important amid a worldwide boom in marine energy exploration.