Samsung Heavy Industries has received no orders in the past year.
2016-09-22 09:00
The difficulties faced by the South Korean shipbuilding industry may not improve in the short term. Samsung Heavy Industries, one of South Korea's three major shipbuilders, has not received any new ship orders since last October, resulting in 11 consecutive months without any orders, marking its worst order performance ever.
Samsung Heavy Industries, which focuses on offshore orders, has a zero achievement rate so far. In the first nine months of this year, Samsung Heavy Industries did not receive any new ship orders. The company's annual order target has been lowered to US$5.3 billion, about one-third of the initial US$15 billion annual order target set at the beginning of the year.
According to South Korean media reports, since April this year, a consortium formed by Samsung Heavy Industries and Cochin Shipyard Ltd. in India has been negotiating with GAIL (Gas Authority of India Limited) for an order of 9 LNG carriers, but this deal has yet to be finalized. Samsung Heavy Industries is also in similar negotiations with a Chinese company, but without results.
However, an official from Samsung Heavy Industries stated that a consortium formed by Samsung Heavy Industries, Technip (a French engineering company), and JGC (a Japanese company) is expected to receive an order from Italy's ENI to build a floating liquefied natural gas (FLNG) facility for ENI's offshore gas field near Mozambique. The contract price is approximately US$5.4 billion, with Samsung Heavy Industries responsible for half of the FLNG construction.
The official indicated that if the ENI FLNG order is successfully signed, it will bring new opportunities for Samsung Heavy Industries; this FLNG project is equivalent to about half of Samsung Heavy Industries' US$5.3 billion target revenue this year. Meanwhile, if Samsung Heavy Industries successfully obtains the orders currently under negotiation, including the GAIL LNG carrier order, it will be able to achieve its target for this year.
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