Foundation for Defense of Democracies

South Korea

Date: September 2005

Deal: Bloomberg reports that in September 2005, Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering won $1 billion in contracts from the National Iranian Oil Tanker Company (NITC) to build 10 oil tankers for Iran. The report noted that NITC planned "to order another 35 vessels to be built by 2010, including 10 LNG [liquefied natural gas] carriers," more complex vessels that cost almost twice as much as crude-oil tankers. (Bloomberg, September 5, 2005).

Ties to U.S. Business: An industry publication reported in March 2010 that Daewoo Shipbuilding & Marine Engineering Company's subsidiary DeWind Inc. won a $30 million contract from the state of Texas to provide 10 wind power generators in western Texas (Tenders Info, March 6, 2010). Between 2000 and 2010, Daewoo Shipbuilding & Marine Engineering has won $15,336,591 in contracts with the U.S. government, primarily from the Department of Defense, according to USASpending.gov (USASpending.gov, accessed June 8, 2010).