Daewoo Shipbuilding & Marine Engineering is planning to build high-end jack-up drilling rigs for the first time.
“Daewoo is trying to widen the scope of offshore products,” said Lee Jae-Won, an analyst at Tong Yang Securities in Seoul.
“They wouldn’t go into this if they think they will lose money. They’re moving into the high-end of the jack-up market, not the low-end,” he added.
The Korean offshore and shipbuilding giant is already building semi-submersible drilling rigs, deep-sea drillships and other offshore platforms except jack-up rigs.