UPDATE 1-Hyundai Heavy ups target for ship orders in 2008

(Updates with figures, background)

SEOUL, March 14 (Reuters) - Hyundai Heavy Industries Co. (009540.KS: Quote, Profile, Research, Stock Buzz), the world's largest shipbuilder, said on Friday it had lifted its target to win $29.4 billion worth of orders in 2008 from the $27.4 billion target set late last year.

It compares with $25 billion worth of orders won in 2007.

The company's ship orders target rose to $17.1 billion from the earlier projected $14.5 billion and the $15.7 billion achieved in 2007.

Hyundai said in filings with the Korea Exchange it was also aiming to post annual revenue of 18.1 trillion won ($18.43 billion) in 2008 compared to 15.5 trillion last year. It also set a target of 1.64 trillion won in facilities investment in 2008. ($1=982.0 Won) (Reporting by Lee Jin-joo, editing by Jonathan Thatcher)