[Press Release] Hyundai Engineering has reached the top of the rank for acquiring the most overseas orders out of the engineering companies in the first half of the year 2010 with total of 1.6 billion dollars worth of orders, according to the International Construction Association’s Information Service on August
The leading Isan Corporation($8.3M) and Mooyoung A&E($488M) have also placed the top in the fields of civil engineering and architectural design respectively.
Hyundai Engineering overtaking Samsung Eng.’s top position was striking news to the industry since Samsung Eng. was placed the 1st in this field last year for acquiring the most overseas orders exceeding $900M.
Hyundai Engineering’s admirable accomplishment is largely due to the acquirement of bid in Turkmenistan at the end of last year which was worth $1.3 billion. This was Turkmenistan’s biggest investment project and Hyundai Eng. has acquired it as a Turnkey system which includes from designing to constructing the whole project. The contract was completed at the beginning of this year which raised its overseas orders by a significant amount.
The bid that was acquired last month in GAUTAMI Combined Power Plants (stage 2) in India ($295M) is also considered as a big project. For Samsung Eng. on the other hand, could not avoid handing over the top position due to the incompletion of 2 major contracts, UAE oil painting plants worth $1.7B.
Hyundai Eng. has set a ambitious goal of acquiring 3 Billion dollars worth overseas contracts. This is number that is exceeding 90% of its overall contract acquirement goal. “In the second half of this year, we plan to win the contracts from various sources including Philippines (power plant), Oman (gas plant), and Saudi-Tunisia (infrastructure),” company’s spokesman said.