Samsung Heavy secures $970m FPSO order 

Samsung Heavy secures $970m FPSO order 

PHOTO CREDIT: Wikimedia

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order for the construction of a floating production, storage and offloading (FPSO) unit worth KRW 1.1 trillion (US$970 million).

The contract, which amount is equivalent to 21 percent of the sales recorded by SHI in 2018, was signed with an unnamed Asian shipowner. 

The FPSO will be constructed at SHI’s Geoje Shipyard and is expected to be delivered by March 2022.

With the latest contract, SHI has so far this year secured orders for a total of seven LNG carriers and one FPSO, worth USD2.3 billion.

SHI said it has achieved 29 percent of its 2019 order target, which amounts to USD7.8 billion.