South Korean shipbuilder Samsung Heavy Industries (SHI) has decided to invest in a research and development (R&D) facility in order to strengthen its market position in LNG-related technologies.
On June 10, 2019, SHI held a groundbreaking ceremony for the industry-first LNG system test facility at its Geoje shipyard.
As informed, the new facility is expected to be completed by December 2020.
Upon completion, SHI will be able to carry out its own evaluation of innovative LNG core technologies, including liquefaction of gases and cryogenic storage systems which are used in vessels and offshore plants. This would accelerate the application of next-generation technologies, according to the shipbuilder.
Meanwhile, Samsung Heavy will support local LNG know-how development and utilize the facility as a training site for the operation of LNG carriers.
The move comes as SHI seeks to improve its competitiveness by becoming self-reliant in the LNG shipbuilding segment. The LNG market is expected to significantly expand due to the increase in demand for environmentally-friendly LNG fuel.
So far this year, Samsung Heavy has secured orders for ten LNG carriers – the world’s largest number of orders in this sector.
World Maritime News Staff