Korea Technology Subsidiary Secures First '1 Trillion Won' Order in H1... Positive Signal for Annual Target Achievement

[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction, a subsidiary of Korea Technology (CEO Shin Yonggu), a KOSDAQ-listed company, announced that it secured nearly 1 trillion KRW worth of construction orders in the first half of this year (January to May).

Daewoo Shipbuilding & Marine Engineering Construction stated on the 2nd that the construction order amount in the first half of this year is expected to exceed 1 trillion KRW for the first time in history. This achievement corresponds to 56% of the company's full-year order target of 1.8 trillion KRW, signaling a positive outlook for meeting the goal.

Daewoo Shipbuilding & Marine Engineering Construction secured a balanced order portfolio across all sectors including public and private, architecture and civil engineering, significantly increasing its market share. Major projects in the first half include ▲ Saemangeum Offshore Wind Power Complex worth 480 billion KRW ▲ Sacheon Yesuri Apartment Complex worth 88.4 billion KRW ▲ Siheung Geobukseom Lifestyle Accommodation Facility worth 72.1 billion KRW ▲ Sacheon Donggeum-dong Mixed-use Complex worth 69.1 billion KRW ▲ Gyeongju Jinheon-dong Mixed-use Complex worth 69.1 billion KRW ▲ Gimpo Daepo Industrial Complex Logistics Center worth 49.3 billion KRW.

The company attributed the tripling of order volume compared to the previous year despite the prolonged COVID-19 pandemic to successful sales structure reforms and the establishment of an ESG management system, which was fully introduced this year.

Seo Boknam, CEO of Daewoo Shipbuilding & Marine Engineering Construction, explained, “The chairman and CEO personally took the lead in sales, actively expanding the network, and the rare full-scale adoption of ESG management as a KOSDAQ subsidiary has led to transparent management and good order results. We reorganized the private sales department into a business division, forming three headquarters focused on order sales, and strengthened the order planning headquarters directly under the CEO to enhance bidding strategies for public and technical projects, which also proved effective.”

The company’s construction capability, recognized by the ‘2020 Construction Cooperation Promotion Award’ for merit, is another factor. Daewoo Shipbuilding & Marine Engineering Construction is acknowledged as a model company trusted by customers through fair trade and win-win growth practices, receiving high evaluations in quality and safety through on-site safety inspections and safety management implementation. The company is building top-tier construction capabilities boasting the best quality, aiming to rank within the top 40 by 2022.

Additionally, the company is actively entering the eco-friendly renewable energy sector by securing multiple large-scale projects. It continues to lead the renewable energy market by winning orders for the 480 billion KRW Saemangeum Offshore Wind Power Plant, signing a 500 billion KRW business agreement for the Ariul Offshore Wind Power, the 900 billion KRW Seonamhae Offshore Wind Power Plant, and the 36 trillion KRW Ulsan Floating Offshore Wind Power Plant.

A company official stated, “As the offshore wind power market fully opens, opportunities are abundant and the related market is expected to reach 100 trillion KRW. We will secure renewable energy technologies and significantly strengthen our order competitiveness to expand new orders and business opportunities.”