Hyundai Heavy says to spend $436 mln on shipyard

SEOUL Jan 15 (Reuters) - Hyundai Heavy Industries Co (009540.KS), the world's top shipbuilder, said on Tuesday it will spend 407.2 billion won ($435.6 million) building docks and other facilities at a shipyard in South Korea.

The company said in a a filing to the Korea Exchange that the investment would be made in its Kunsan shipyard, southwest of Seoul, by January, 2010 as it is expanding capacity to meet rising demand.

Hyundai is aiming to secure $27.4 billion worth of orders in 2008 from an estimated $26.9 billion last year, it said late last month, as soaring oil prices are boosting orders for oil carriers and oil drilling rigs. ($1=934.7 Won)

(Reporting by Kim Yeon-hee; Editing by Keiron Henderson)