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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
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
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >