A flurry of orders in December has boosted the order books of South Korea’s leading offshore and marine contractors, with Samsung Heavy Industries and Korea Shipbuilding & Offshore Engineering (KSOE) together winning 17 vessels reportedly linked to Total’s Mozambique LNG project.
KSOE — the parent of Hyundai Heavy Industries — has secured nine liquefied natural gas carriers for its Ulsan yard, while Samsung has added eight such vessels to its 2020 haul, boosting the latter's order backlog by 1.63 trillion won ($1.48 billion).
The vessel orders are said to be linked to Total's giant LNG scheme in Mozambique, The Korea Times newspaper and other news outlets reported.
Meanwhile, compatriot Daewoo Shipbuilding & Marine Engineering on Wednesday confirmed it had been awarded a contract for six LNG-fuelled vessels worth upwards of 1 trillion won.
These latest awards mean that, despite the coronavirus pandemic and market uncertainty, KSOE to date has achieved 91% of its targeted $11 billion-worth of orders for this year, with Samsung and Daewoo reaching 65% and 75%, respectively, of their targets, reported The Korea Times.
The Export-Import Bank of Korea earlier this month confirmed it would provide project financing of $500 million for the $20 billion-plus Mozambique LNG development.