Samsung Heavy Industries wins $1.5 billion deal for offshore plant

Samsung Heavy Industries (SHI) has bagged a 1.96-trillion-won ($1.5 billion) order to build an offshore plant for an Asian shipper.

A floating production and storage offloading (FPSO) unit for an Indian private sector giant Reliance Industries’ RUBY built by Samsung Heavy Industries [SAMSUNG HEAVY INDUSTRIES]

Samsung Heavy Industries (SHI) has bagged a 1.96-trillion-won ($1.5 billion) order to build an offshore plant for an Asian shipper.

The plant will be delivered to an undisclosed shipper by August 2027. Construction will kick off on Jan. 2.

It is the first time in three years for Samsung Heavy to win an order for an offshore plant since clinching a deal to build a floating production and storage offloading (FPSO) unit for Indian private sector giant Reliance Industries’ RUBY in 2019.

With Thursday's order, SHI hit $9.4 billion in total orders this year, exceeding its target of $8.8 billion. It clinched orders to build 36 LNG carriers, two gas carriers, nine container ships and two shuttle tankers this year.

This is the second consecutive year that SHI exceeded its target order. Last year, the shipbuilding company recorded $12.2 billion in total orders, 134 percent of its target of $9.1 billion.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]