SOUTH KOREA'S DAEWOO WINS TEXAS WIND TURBINE ORDER

Posted on: Sun, 07 Mar 2010 22:24:19 EST

Symbols: DWOSF, CPTC

SEOUL, Mar 08, 2010 (AsiaPulse via COMTEX) --

Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660) has clinched a wind turbine order from the U.S. state of Texas, the South Korean firm's first such contract.

Valued at US$30 million, the order is for 10 2,000kw wind turbines to be delivered during the first half of this year to a wind farm in the state's Panhandle region. The deal was secured through subsidiary DeWind, which Daewoo Shipbuilding acquired last summer from U.S. firm Composite Technology Corp.

The wind turbine business is thriving in Texas, where wind farms are being built in rapid succession.

The company, which is new to the wind turbine business, is hoping to build on its success in Texas to win orders from other regions and is targeting a 15 per cent global market share by 2020, in terms of generating capacity supplied.

A number of major South Korean shipbuilders entered the wind turbine business last year. Hyundai Heavy Industries Co. (KSE:009540), Samsung Heavy Industries Co. (KSE:010140) and STX Heavy Industries Co. have already won orders in various parts of the world, suggesting that South Korea is becoming a leading player in the global wind turbine market.

(Nikkei) bl

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