Hyundai Heavy achieves 28 pct of 2018 order target in H1

Hyundai Heavy achieves 28 pct of 2018 order target in H1

Hyundai Heavy achieves 28 pct of 2018 order target in H1

Hyundai Heavy Industries Co. achieved 28 percent of its annual order target of $10.17 billion in the first half of the year due to sharp declines in offshore facility projects, the company said Thursday.

In the January-June period, the world’s biggest shipbuilder by sales received $2.87 billion worth of orders as offshore facility contracts plunged 99 percent on-year to a mere $200 million, Hyundai Heavy said in a statement.

When its figures are combined with Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries Co., the three — all affiliates of Hyundai Heavy Industries Group — posted $7.02 billion worth of orders in the first half. This accounts for 42 percent of their overall order target of $16.54 billion for this year, it said.

As of the end of June, the three shipbuilders had an order backlog valued at $32.19 billion, which will keep their shipyards busy for about an year, a company spokeswoman said.

Manjula

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