Samsung Heavy Industries has surpassed $10 billion (approximately 15.051 trillion won) in annual orders for the first time in five years since 2021, after winning a contract for two crude oil carriers.
The company said in a regulatory filing on the 8th that it received an order for two crude oil carriers from a Bermuda-based shipowner. The contract is worth 284.9 billion won, and the vessels are scheduled for delivery by May 2029.
With this contract, Samsung Heavy Industries reached $10 billion in cumulative orders this year. It marks the first such achievement in five years since 2021, when merchant ship orders surged amid the global economic recovery.
The key driver behind crossing the $10 billion mark was floating liquefied natural gas production facilities (FLNG). Samsung Heavy Industries previously won the 3.6356 trillion won ‘Coral Norte’ Mozambique FLNG project led by Italian energy company Eni. It also signed a $2.9 billion (approximately 4.3862 trillion won) FLNG project contract with U.S. energy company Delfin Midstream. By securing these large-scale projects in succession, Samsung Heavy Industries put itself on track to meet its annual target.
Samsung Heavy Industries has so far accumulated a total of 34 orders, including 32 merchant ships and two FLNG units. In value terms, this amounts to 72% of its annual order target of $13.9 billion (approximately 20.9208 trillion won).
“The driving force behind achieving $10 billion in annual orders for the first time in five years was the solid order rally in the merchant ship segment, supported by large offshore project orders including two FLNG units,” a Samsung Heavy Industries official said. “We will solidify our two-track growth foundation spanning merchant ships and offshore facilities to strengthen our ability to respond to market volatility and build a stable management base.”
Source: Seoul Economic Daily