Korea Shipbuilding wins deals to build four LNG vessels
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Korea Shipbuilding wins deals to build four LNG vessels

15 Jul 2021 (Last Updated July 15th, 2021 16:40)

The combined value of the orders stands at around $792m (KRW911bn).

Korea Shipbuilding wins deals to build four LNG vessels
As part of the deals, KSOE is expected to deliver the vessels by September 2025. Credit: Alex Duffy on Unsplash.

Korea Shipbuilding and Offshore Engineering (KSOE) has secured deals for the construction of four liquefied natural gas (LNG) vessels.

The combined value of the deals stands at around $792m (KRW911bn), reported Yonhap News Agency.

In a regulatory filing, KSOE said that its unit Hyundai Heavy Industries (HHI) has secured a contract from a Bermudian company to build and deliver two LNG carriers.

As part of the $397m (KRW454bn) deal, HHI is expected to deliver the vessels by September 2025.

Another KSOE subsidiary, Hyundai Samho Heavy Industries (HSHI) has secured a $400m (KRW458bn) deal from a European firm to build two LNG carriers.

These vessels are also expected to be delivered by September 2025.

Counting these recent deals, the company has won contracts worth $14.8bn for the construction of nearly 163 vessels this year.

Last month, KSOE reportedly secured orders worth $1bn (KRW1.1tn) for the construction of ten vessels.

KSOE revealed in a regulatory filing that it had won a $385m (KRW438bn) order from an Oceanian company.

This order included the delivery of two 174,000m³ LNG carriers by the end of 2023. The vessels will be built by HHI.

A European company also placed an order with KSOE for the construction of a 300,000t oil tanker. This deal was valued at approximately $93m (KRW106bn).

This tanker, which will be constructed by HSHI, will be delivered by the second half of 2023.

Furthermore, a Greece-based company ordered a 91,000m³ liquefied petroleum gas (LPG) carrier.

KSOE owns three shipbuilding companies, namely HSHI, HHI and Hyundai Mipo Dockyard.