Samsung Heavy Industries announced on July 7th that it has signed an agreement to undertake preliminary work related to a major offshore production facility project with an African-based shipowner. This preliminary work precedes the signing of the final contract for the marine production facilities. The total value of this agreement is approximately 869.4 billion won, accounting for about 8.8% of the company's projected 2024 annual sales.
Through this contract, Samsung Heavy Industries has reaffirmed its technological capabilities and competitive strength in the offshore production equipment sector. Additionally, the agreement secures a stable pipeline of offshore projects, further solidifying its position in the marine industry.
Since the beginning of this year, Samsung Heavy Industries has secured orders for 18 vessels, including one LNG carrier, nine shuttle tankers, two ethane carriers, four oil tankers, and two container ships. Including the latest offshore contract, the company's total order backlog has reached approximately $3.3 billion, representing about 34% of the annual order target of $9.8 billion.
A company official stated, “Since the Russia-Ukraine conflict, concerns over global energy security have increased, and with changes in U.S. energy policies, investments in offshore production facilities are expected to continue steadily.”
