Samsung Heavy Industry Wins an offshore plant project worth $4.7 Bil.

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Thursday, July 2nd, 2015
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Samsung Heavy Industries has won an offshore plant project worth 5.27 trillion won (US$4.69 billion).

The company said on July 1 in a regulatory filing that it landed a deal to build three floating liquefied natural gas (FLNG) platforms for Shell Gas & Power Developments BV. This is equivalent to 41 percent of the Korean company's sales revenue last year and the largest ever among projects won by the nation's shipbuilders this year.

The FLNG platforms are 488 meters in length, 74 meters in width, and 600,000 tons in weight. Each floating platform is capable of producing up to 4 million tons of liquefied natural gas a year. All three platforms will be delivered to the Browse gas fields in Australia.

The $4.69-billion price tag is for the production cost of the hull parts. The final cost will be determined in the second half of next year when Samsung Heavy completes its front-end engineering and design phase. In consideration of similar projects, the final bill would go up to $10 billion.

Earlier on June 30, Samsung Heavy Industries announced that it won a large-scale offshore plant project commissioned by Norway's Statoil ASA worth $1.2 billion. This year to date, the company has won a total of $8.7 billion in cumulative order booking volume.

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