Samsung Heavy Industries one of the largest shipbuilders in the world and the third biggest shipbuilders in South Korea has received a US$1.5 billion order to build an FLNG – Floating Liquefied Natural Gas facility in North America.
As per the details, Samsung Heavy formed a consortium with U.S. engineering company Black & Veatch to sign an engineering, procurement, and construction (EPC) contract to build the FLNG facility by February 2028.
Moving on, the company acquired $8.3 billion worth of orders, achieving 87 percent of its annual order target of $9.5 billion in 2023. Among these, the shipbuilder has a three-year order backlog valued at $31.9 billion.
FYI, a floating liquefied natural gas (FLNG) facility is a floating production storage and offloading unit that conducts liquefied natural gas (LNG) operations for developing offshore natural gas resources.
Heavy Industries was established in 1974 when the company’s Changwon plant was opened and in 1983, Samsung Shipbuilding and Daesung Heavy Industries were merged under Samsung Heavy Industries.
Since then, it has put efforts into the introduction of new technologies and the development of products, while expanding the business area into heavy equipment and construction.
