South Korea's Daewoo Shipbuilding&Marine Engineering has emerged as the victor in a bid to construct four VLCCs for Kuwait Oil Tanker Co (KOTC).
KOTC chairman Nabil Bouresli revealed this week that his company has signed a letter of intent with Daewoo for the quartet with a firm contract set to be sealed on 21 August.
Bouresli values the deal at $700m, which would indicate that the vessels will be priced at an exceptionally high $175m each.
