HLB's subsidiary, Hyundai Lifeboats of South Korea has been nominated as a supervising shipbuilder for 'joint investment on technology and development project,' managed by Small & Medium Business Administration and invested by Hyundai Heavy Industries.

    Hyundai Lifeboats gets to develop 70-seater lifeboats and launching device for drillships and offshore plants, investing KRW 1.3bn (1.22m) for 18 months.

    Depending on imported vessels, lifeboats had been required for urgent localization due to its high price by monopolization and inconvenient A/S, so far.

    Imports of high-value lifeboats for drillships and offshore plants totals about KRW 20bn every year and lifeboat-related market grows over 15% every year.
 

(source:asiasis)