OREANDA-NEWS. May 31, 2012. Daewoo International, the trading arm of POSCO, announced on May 25 that it won a large shipbuilding order in cooperation with Sungjin Geotec, another POSCO affiliate.

Sungjin Geotec specializes in offshore plant equipment and modules for global energy markets.

Under the deal with Swire Pacific Offshore (SPO) of Singapore, Daewoo International will build a USD 20 million offshore supply vessel (OSV). Daewoo International and Sungjin Geotec will deliver the vessel to SPO within one year.

An offshore supply vessel is used for diving assistance or oceanographic surveys for offshore oil platforms. Amid a worldwide boom in marine energy exploration, OSVs are becoming increasingly important.

"The victory was a result of Daewoo`s extensive overseas network and information power, combined with specialized technologies of Sungjin, which has long been involved in the OSV market," Daewoo International said in a press release. "This will be remembered as a good example of how partnership between different POSCO affiliates can create synergy," it went on.

The partnership with Daewoo International was the key ingredient to winning the contract,  a Sungjin representative commented. Sungjin Geotec plans to strengthen its ties with Daewoo International to expand its presence in global OSV markets.