Samsung Heavy Industries Cancels USD 774 Million LNG FPSO Order

Image Courtesy: SHI

South Korea’s Samsung Heavy Industries (SHI) has terminated a contract for the construction of a liquefied natural gas (LNG) floating production and storage (FPSO) unit the shipbuilder signed with an European buyer back in January 2009.

The contract, valued at KRW 907.6 billion (USD 774 million), was canceled due to the buyer’s failing to meet deadlines and obligations set out in the contract, SHI said.

The 210,000 cbm LNG-FPSO was initially expected to produce 2.5 million tons of LNG from 2013 onwards.

SHI subsequently agreed to postpone the delivery of the FPSO to December 2015.

The shipbuilder has not disclosed the name of the client so far.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 1 2 3 4 5

9th Annual Coasts and Marine Structures 2017 Conference

Discover Best Practise Strategies for Design, Planning, Construction and Asset Management

To remain competitive, Australian port operators must plan, design, manage and maintain their assets more creatively and proactively to meet future demands and drive profitability.

With this in mind, the Coast and Marine Structures Summit 2017 will focus on key considerations relevant to ensuring your existing assets are maximised and prepared to accommodate bigger vessels.

Hear from 20+ global experts including Maritime/Coastal Engineers, Contractors, Port Authorities and more, including GHD (USA), Indonesian Port Corporation (Asia), G-Group Consulting (New Zealand), Ausenco (Australia), Port Authority NSW (Australia), to name a few.

By attending this 2-day conference, you’ll learn about:

– Innovative planning and design of ports to create efficiencies that drive profit
– Best practice asset management strategies and new PIANC design principles for bulk terminals
– Proactive asset management and maintenance to improve durability and maximise and extend asset lifecycles
– Alternative material and protection techniques trialled and tested in the US and Europe
– Strategies to shift organisational culture and mindset from asset management to asset maintenance
– How you can leverage technology to increase the efficiency of your marine structures
– Case studies on retrofitting, expanding and upgrading your ports in cost-effective ways

More info

read more >

European Shipping Week 2017

European Shipping Week is intended to be a platform where policy-makers from the main EU institutions will meet and engage with European…

read more >

SNS2017 – The Southern North Sea Conference & Exhibition

EEEGR’s flagship Southern North Sea conference is the most important event for the energy sector in the East of England…

read more >

Seatrade Cruise Global

For more than 30 years, Seatrade Cruise Global has been the leading international exhibition and conference serving the cruise industry…

read more >