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Samsung Heavy wins $229 mn order to build FSRU for Norway’s Hoegh LNG

Collected: 2017.01.19

Distributed: 2017.01.20

Source: Go Direct

After having idled away last year on dearth of new orders, South Korea’s Samsung Heavy Industries Co. has started the new year in buoyant note, landing its second deal since the beginning of the year to build a 270 billion won ($229 million) liquefied natural gas (LNG) vessel following the floating production unit (FPU) order it had brought home earlier this month.

The shipbuilder announced on Thursday that it clinched a deal to construct a 170,000-cubic-meter LNG floating storage and regasification unit (FSRU) with Norway’s floating energy solutions provider Hoegh LNG Holdings.

The FSRU, a facility to transfer LNG from offshore to onshore, that Samsung Heavy will build for the Dutch company has a capacity of storing 70,000 tons of LNG, roughly the same amount as Korea’s daily LNG consumption.

The company said that the deal included optional rights to build three additional FSRUs. Earlier this month, it won an order worth 1.5 trillion won to install a floating production unit for British oil giant BP’s Mad Dog Phase 2 project.

On Thursday, shares of Samsung Heavy Industries fell 0.48 percent to close at 10,350 won in Seoul trading.

By Jung Wook

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