South Korea's Oriental Precision & Engineering, specialized in shipbuilding and offshore plant, signed KRW 184.1bn ($172m) newbuilding contracts with Elegant Shipping of Philippine. This order takes 56% of Oriental's total revenue from 2010.
15 vessels of 4.9K bunker, 600P ROP Ferry, 528P LCT Craft, etc, will be built in Jinhae yard in Korea and OMI in Dalian, China, classed by DNV and delivered in Mar 2013-Mar 2014.
Oriental said, "This contract, sealed on Aug 16, is the biggest project since Oriental's establishment and we reached year-to-date KRW 400bn ($373m) of newbuilding order, 67% of target order."