Samsung Heavy Industries lands $1.5 bn deal for offshore plant order

It will kick off construction of floating LNG production facility next month

FLNG built buy Samsung Heavy Industries
FLNG built buy Samsung Heavy Industries
Ik-Hwan Kim 1
2022-12-23 14:03:25 lovepen@hankyung.com
Shipping & Shipbuilding

South Korean shipbuilder Samsung Heavy Industries has bagged a $1.5 billion order to build an offshore plant from an Asian shipper, the company revealed in its stock exchange filing on Thursday.

It is the first time in three years for Samsung to win an order for an offshore plant since 2019 when it clinched a deal for floating oil production storage and unloading facilities (FPSO) from an Indian business group Reliance BP.

Samsung didn't disclose detailed information due to the request from the shipper.

But some foreign news outlets reported that the order is for a floating liquefied natural gas production facility (FLNG) and came fromPetronas, a Malaysian state-run energy company.
FLNG is an offshore facility that can immediately convert natural gas extracted from the sea into liquefied natural gas and store and unload it.

The contract amount of $1.5 billion accounts for 29.6% of Samsung Heavy's sales in 2021.

Write to Ik-Hwan Kim at lovepen@hankyung.com
##Samsung Heavy Industries ##FLNG

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