Daewoo Shipbuilding Wins Big Order from ExxonMobil

Daewoo Shipbuilding & Marine Engineering has received a 228 billion won ($1=KRW1,202) gas compression project order from ExxonMobil Canada Ltd. Under the agreement, Daewoo Shipbuilding will provide maritime equipment to compress gas through September 2006, the company said in a disclosure to the Financial Supervisory Service.

The contract for the order was signed Tuesday. Daewoo Shipbuilding said in a statement issued later that it received the order as part of a consortium with Italy's Saipem S.p.A. (I.SPM) The total value of the project is about $313 million, it said.

The company said the gas compression project will be established at Canada's Sable Island.