Samsung Heavy Industries Cancels USD 774 Million LNG FPSO Order

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

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