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July 8, 2022

KSOE secures $2.2bn contracts for ten LNG vessels

KSOE’s HHI unit will build eight vessels while its other unit, Hyundai Samho, will construct two ships.

Through its subsidiaries, Korea Shipbuilding & Offshore Engineering (KSOE) has secured two contracts worth $2.2bn (KRW2.87tn) for the construction of ten liquefied natural gas (LNG) carriers.

Under the first contract, KSOE’s affiliate Hyundai Heavy Industries (HHI) will build eight 174,000m³ LNG vessels for an undisclosed European shipping firm.

These vessels will be constructed at HHI’s shipyard, located in the south-eastern port of Ulsan, South Korea. HHI plans to deliver the vessels by mid-November 2026.

As part of the second contract, KSOE’s other unit, Hyundai Samho Heavy Industries, will construct two LNG ships with a similar capacity for an unnamed Oceanian shipper.

These vessels are expected to be delivered by August 2026.

KSOE has not disclosed whether these contracts are part of an agreement signed between QatarEnergy, HHI and two other Korean shipbuilders to construct more than 100 LNG vessels, worth around $19.2bn in total, through 2027.

The other two shipbuilders in this deal are Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.

In January, KSOE also reportedly received shipbuilding contracts worth $1.39bn (KRW1.67tn) for ten vessels.

Last month, KSOE and HHI received approval in principle (AiP) from DNV for their new waste heat-derived LNG fuel supply system.

The system can serve 300K very large crude carriers (VLCC).

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