Daewoo Engineering and Construction, one of Korea’s leading builders, obtained a $1.14 billion contract for Kuwait’s clean fuel project last week to bring its total accumulated overseas orders to $50.6 billion, the company announced on Monday.

Daewoo has become the second builder in Korea to break the $50 billion mark in contracts abroad, according to the company. This was accomplished with some 423 orders Daewoo has attracted from 47 countries.

The African region accounts for $26.3 billion, or 52 percent, of the company’s total orders and Daewoo E&C is also responsible for roughly 35 percent of the $74.7 billion worth of orders that Korean construction companies have so far won in Africa.

“While we raise our profitability through the selection of high quality projects, we also plan to explore and develop new markets in South America and sub-Saharan Africa,” said a Daewoo E&C official.

The construction company has been expanding its overseas market to include more diverse types of construction and have entered eight new markets in the last five years.

Having achieved $5 billion last year from overseas performance, the company has set this year its highest target yet at $7.2 billion and has already obtained $2 billion by winning a few large-scale orders.

(jhk@heraldcorp.com)