Samsung Heavy Industries lands largest-ever contract of $3.44 billion

Samsung Heavy Industries secured a $3.44 billion contract to build 15 LNG carriers for a shipper rumored to be Qatar's state-run QatarEnergy.

An LNG carrier constructed by Samsung Heavy Industries [SAMSUNG HEAVY INDUSTRIES]

Samsung Heavy Industries sealed a 4.57 trillion won ($3.44 billion) contract to construct 15 liquefied natural gas (LNG) carriers reportedly intended for the second phase of Qatar's massive LNG project. This deal stands out as the largest single contract received by the Korean shipbuilder to date.

Samsung Heavy Industries will construct 15 LNG carriers with a capacity of 174,000 cubic meters (6 million cubic feet) each for an unknown Middle Eastern shipper, according to the company's regulatory filing on Tuesday. The vessels are scheduled for delivery, sequentially, by October 2028.

Considering the location of the client and the scale of the contract, local media reports and industry sources point to Qatar's state-owned integrated oil and gas company, QatarEnergy as the unnamed client. The Qatari government announced plans to expand its annual LNG production capacity from 77 million tons to 126 million tons by 2027 and commenced the North Field expansion project.

This contract follows after a previous contract procured with HD Hyundai Heavy Industries in October, wherein the shipbuilder clinched a record-breaking 5.25 trillion won deal to construct 17 LNG carriers for QatarEnergy.

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