Samsung Heavy Industries has secured an order worth about 2 trillion won for a Floating Liquefied Natural Gas (FLNG) facility. With this order, Samsung Heavy Industries now commands 71% of the global market share for new FLNG construction contracts.
On Jan. 2, Samsung Heavy Industries disclosed that it had signed an engineering, procurement, and construction (EPC) contract for one FLNG unit with a North American client. The order, amounting to 2.101 trillion won (US$1.603 billion), was made via a consortium with the American design firm Black & Veatch.
Samsung Heavy Industries will handle the design and construction process of the FLNG hull and superstructure. This contract expands the company’s FLNG orders to two units, diversifying its portfolio to include marine plants in addition to LNG carriers. Previously, in January of last year, they secured a US$1.5 billion contract for one FLNG unit with Malaysia’s Petronas. This year, the company plans to continue its active bid for orders in locations like Mozambique, Africa, and the United States.
Currently, seven new FLNG units have been ordered and contracted worldwide, with Samsung Heavy Industries having secured five (71%) of these, dominating the market. FLNG facilities enable the complete on-sea processing of LNG production.