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Korean Companies in the Running for 700 Mil Dollar Contract

Sept 11,1998
Korean ship makers are optimistic about being awarded an order from CTR (USA). CTR is now processing bids for cable construction ships equivalent to 700 million dollars, the largest order in the industry ever. For this bid, three Korean ship makers including Daewoo, Hyundai and Samsung Heavy Industries have presented their letters of intent. The three Korean companies are competing with Mitsubishi Heavy Industries of Japan for a successful bid.
A cable construction ship, which averages 50 million dollars apiece, is designed to lay and repair cables beneath the sea. CTR will build or repair a total of 330,000 km worth of cables underwater by 2003, connecting 171 countries and plans to announce the successful bidder shortly.


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