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Daewoo Shipbuilding & Marine Engineering Co., Ltd. [DSME], established in 1978 at Okpo Bay, Geoje Island, on the southeastern tip of the Korean Peninsula, has developed into one of the world's premium specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs , floating oil production units, submarines, and destroyers. All vessels and offshore products produced its by DSME are of unparalleled quality backed by its cutting-edge IT and systemized shipbuilding technologies based on its cutting-edge IT, sophisticated offshore platform construction expersence building as well as large plant project management skill, the state-of-the-art technological prowess to build submarines and 5,500-ton class destroyers.
DSME employ approximately 1,500 design and R&D personnel with prolific experience, and more than 10,000 skilled workers. These superb workforce work as a team to build environmentally safe vessels with 40-year life span and outfitting that allows easy maintenance and repairs, fully complying with international standards including IMO.
Firms like Daewoo were caught out by the Asian financial crisis in the late 1990s, when a sudden economic downturn cut off the cash flow needed to service mounting debts. South Korea's huge industrial conglomerates, the family-owned chaebol, piled debt upon debt to finance their rapid expansion programmes. Daewoo was rescued by its banks in August 1999 and a debt rescheduling programme began, aimed at selling off the firm or its assets.
South Korea's troubled Daewoo Motor Company was officially declared bankrupt after defaulting on $155m of debt on 08 November 2000. The company owed its creditors $10.6 billion. Daewoo Co. was separated to three companies starting from 27 December 2000. Daewoo Co. announced its registration of spinning-off of the company to three companies, Daewoo International Corporation (CEO Lee Tae-Yong) for trading part, Daewoo Engineering & Construction Co., Ltd for construction part and Daewoo Corporation for the rest of the remaining companies. Therefore, Daewoo International and Daewoo Construction were reborn as a clean companies, leaving insolvent assets to the remaining corporation.
After entering the financial workout along with other Daewoo group companies in August 1999, DSME took the opportunity to make a fresh start following its spin-off from the former Daewoo Heavy Industries Ltd. in October 2000. DSME was listed on the stock exchange on February 2, 2001 and is preparing for a second take-off in the 21st Century.
DSME, reborn as an independent company in October 2000, is shaping Korea's marine sector. DSME continually strives to maintain its position as a model company committed to the well being the society as a whole, by producing its products with its earnest dedication to quality in an autonomous, accountable and vigorous working environment. DSME is also devoted to satisfying the needs of both employees and customers as a value-creating company that always protects the interests of its investors through transparent and solid business management.
DSME, being the only Korean company with the experiences of building 1,200-ton class submarine, has built and delivered 9 submarines based on 500 skilled technical workforce with submarine specialty and specialized facilities for submarine building. Moreover, it has built various ranges of ships from frigates to 5,500-ton class destroyers, covering warship and submarine rescue ship, contributing to Korean navy's military power buildup.
Through submarine building which started in 1989, DSME has acquired its own submarine engineering, construction and overhaul capabilities, and built three Korean-type destroyers with helicopter operation facilities together with state-of-the-art weapons including surface-to-surface and surface-to-air missiles and CIWS (Closed-In Weapon System).
DSME, based on its 14-year experience of building submarines, developed the basic design system for a submarine with its own technology in 1999, reaching the level of submarine design engineering that only 10 countries have reach in the world. It has also acquired its own repair and overhaul capabilities for submarines by achieving localization of material including submarine steel plates and by reverse engineering.
DSME's submarines and destroyers have been involved in the Pacific Rim joint military trainings and RIMPAC training, respectively, demonstrating their capabilities of conducting military operations. Based upon its own technological power, it exported its 2,300-ton frigate battleship to Bangladesh, which was developed by the Company, for the first time among Asian nations, opening a new chapter in the Korean defense industry.