
Hyundai Heavy Industries orders to jump 54 percent in 2011
Date of publication: 04.01.2011
South Korea: Hyundai Heavy Industries is reportedly expecting to boost orders by 54 percent in 2011 on the back of growing global trade and increasing oil exploration.
Bloomberg reports that new contracts may total US$26.6 billion, which would be the highest since 2008.
In 2010, orders jumped 61 percent following a slight recovery in the global financial crisis. With the increase in oil prices, energy companies, such as Total and Petroleo Brasileiro, have also begun signing deals for rigs and offshore structures.
Hyundai Heavy recorded US$17.2 billion of orders in 2010. Sales rose 6.1 percent to a record KRW22.4 trillion (US19.9 billion), said the company in a regulatory filing.
HHI