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Samsung eyes Subsea & Wind

Date:2013/2/18/ 16:07

Samsung Heavy Industries of Korea has announced at an analysts’ meeting that it takes ‘subsea plant’ and ‘wind power’ as its business cores. Jeong Dong-Ik, a researcher of Hanwha Investment & Securities of Korea, has said that the two cores were presented with the company’s direction of mid-and long-term business plan at the meeting which was conducted by Park Dae-Young, president of Samsung Heavy Industries of Korea.

He analyzed that Samsung is planning to maximize the profit from its current offshore vessels by differentiating its competitiveness from its rivals and at the same time, trying to expand its business structure to subsea plant and wind power from shipbuilding and offshore plant to secure the growth power base for the future.

The researcher said, “Samsung is to push ahead promoting the subsea plant project from this year and making the wind power development specialized as wind power EPCIC (engineering, purchase, construct, installation, Commissioning). Also, Samsung is said to build the local production complex in many countries, such as Nigeria, Brazil, and Indonesia, to follow their local content policy.

Samsung said that it would not conduct a large-scale domestic investment any more but instead, it would build the foreign production base, taking a long-term perspective. Accordingly, it determined on opening a new generation for KRW 31trn ($28.2bn) of profit with annual average growth of 10% by 2020.

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