Overview

Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) (Korean: 대우조선해양) is one of the "Big Three" shipbuilders of South Korea (including Hyundai and Samsung). On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the then record holder; the Mærsk E-class at 15,200 containers. The contract is worth $1.9bn. The first is to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn. The new class is called the Triple E class. On December 20, 2011 Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines. It also would mark the first exports of submarines from South Korea. On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships will enter service in 2016. The South Korean Board of Audit and Inspection found 1.5 trillion won (approximately US$1.27 billion) of accounting fraud in DSME's books on 15 June 2016. In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.