Samsung Heavy wins $495 million order for two LNG ships

Already achieving one-fifth of this year’s $9.5 billion order target, the shipbuilder plans to focus on eco-friendly vessels

An LNG carrier built by Samsung Heavy Industries
An LNG carrier built by Samsung Heavy Industries
Kyung-Min Kang 1
2023-02-01 17:32:43 Kkm1026@hankyung.com
Shipping & Shipbuilding

Samsung Heavy Industries Co., a leading South Korean shipbuilder, said on Wednesday it has won a 609.7 billion won ($495 million) deal to build two liquefied natural gas (LNG) carriers for an unidentified shipper in Oceania.

Samsung Heavy, the world’s third-largest shipbuilder by order backlog, will deliver the ships by mid-January 2027, it said in a regulatory filing.

The contract follows a $1.5 billion deal to build a floating LNG production facility (FLNG) reportedly for Petronas, a Malaysian state-run energy company.

Samsung Heavy said it has clinched orders worth about $2 billion, accounting for 21% of its 2023 order target of $9.5 billion year to date.

An FLNG facility built by Samsung Heavy
An FLNG facility built by Samsung Heavy

The shipbuilding unit of top Korean conglomerate Samsung posted $12.2 billion and $9.4 billion worth of orders in 2021 and 2022, respectively, surpassing the company’s annual targets.

“Orders for more than 70 LNG carriers will be placed around the world this year amid growing demand for eco-friendly ships,” said a company official. “With our competitive FLNG technology, we aim to overachieve our goal for three years running.”

Write to Kyung-Min Kang at Kkm1026@hankyung.com
In-Soo Nam edited this article.
#Samsung Heavy Industries #LNG carriers #FLNG

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