South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) sets to target around US$11 billion in new orders in 2012 in line with the same forecast in 2011 though some orders have been cancelled due to the current credit crunch in euro zone, Reuters reported.

DSME, established in 1973 at Okpo Bay, Geoje Island, on the southeastern tip of the Korean Peninsula, has developed into the world's premium specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs , floating oil production units, submarines, and destroyers.

The management of this company said it has exceeded this year's orders target of US$ 11 billion, taking in around US$ 14.8 billion.