SHI to Enter USD 2.5 Bn FLNG Construction Project?

South Korean shipbuilder Samsung Heavy Industries (SHI) is very close to signing a USD 2.5 billion deal to construct a floating liquefied natural gas (FLNG) facility for Italian oil and gas company Eni, Yonhap News Agency cited industry sources. 

SHI is leading a consortium consisting of French multinational Technip and Japan’s JGC in the project worth USD 5.4 billion.

Eni placed the order and SHI has been in negotiations with this company since Q1 2016 on detailed business plans, according to Yonhap.

The USD 2.5 billion deal will be beneficial for the financially-troubled company that has not seen a single new shipbuilding order in 2016.

SHI submitted a self-rescue plan to its creditors in May this year, which calls for 1,500 early retirements by the end of the year and the sale of USD 170 billion worth real estate assets and the sale of the company’s stake in Doosan Engine.

Last week, SHI’s workers staged a sit-in protest in Seoul over the company’s restructuring plans that include massive layoffs.

World Maritime News Staff

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