Hyundai Heavy loses $425m oil tanker order

Hyundai Heavy Industries Co, South Korea's leading shipbuilder, said yesterday it has cancelled a contract for five oil tankers at the buyer's request.

The order was worth 480 billion won ($425 million, Dh1.56bn), the shipbuilder said in a regulatory filing. The shipyard did not name the buyer.

Hyundai Heavy expects to win at least 79 per cent more oil and gas equipment orders this year as the world's biggest shipyard reduces its dependency on shipbuilding.

"There is a chance we could exceed our order target" of about $4.2bn, Kang Chang June, Executive Vice-President of Hyundai Heavy's offshore and engineering division, said an interview in Ulsan on Tuesday.


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