With the market for LNG products such as LNG carriers and FLNG (Floating LNG) expected to expand significantly, Samsung Heavy Industries has embarked on research and development investment to solidify its grip on the market.
Samsung Heavy Industries held a ground-breaking ceremony for "shipbuilding and ocean LNG integrated demonstration facility" under the supervision of CEO Nam Joon-woo at Geoje Shipyard on July 10.
The LNG integrated demonstration facility is a large-scale R&D facility for verifying performance of LNG core technologies such as next-generation natural gas re-liquidation, liquefied natural gas process design, new refrigerant utilization method to improve efficiency of the floating natural gas supply facility.
The facility will be built on 3,630 square meters of land in Geoje Shipyard and will be completed by December 2020.
About 40 guests from global energy companies, including GASLOG (Greece), ENI (Italy), PETRONAS (Malaysia), Lloyd (U.K.), and DNV-GL (Norway), attended the ground-breaking ceremony.
"Samsung Heavy Industries will make great progress and contributions in the global LNG industry through various technological innovations," said Lee Jong-hyo, director of Lloyd.
Once the facility is completed, Samsung Heavy Industries' dominance in the market is expected to be strengthened through cost reduction and performance differentiation as it will be able to further advance the application of the next-generation technology by conducting a demonstration of the new LNG-related technology on its own evaluation.
In particular, Samsung Heavy Industries is expecting that it will become more competitive in the marine plant sector, which has strengths such as FLNG, by building liquefaction demonstration facilities for the first time in the Korean shipbuilding industry.
"Building integrated demonstration facilities is very meaningful in that it can increase competitive edge in orders through establishment of technical skills in LNG field," said CEO Nam. "We will lead the market by securing world's best LNG technology."
Samsung Heavy has won the world's largest order for 10 LNG carriers this year, while securing superior market status in LNG products.