Three Korean companies have come together to form an LNG carrier repair entity. GAS Entec, a Korean engineering firm is linking up with two yards – Kangnam Corporation and Goseong Offshore & Shipbuilding – for the new venture.
Kwak Chong-Ho, CEO of GAS Entec, commented, “Combining Kangnam’s rich experience in ship repairing, outstanding facilities of Goseong and our LNG engineering capability, the three firms will expand their business area to Japanese LNG carrier repairing market.”
The three are also looking at getting into building LNG carriers, FSRUs and some other commercial ships. Kangnam, which has mainly focused on naval ships, recently won a first order for a chemical tanker.
In the shipbuilding downturn, Koreans have recently talked up ship repair as a way to drive revenues. Giant yard Samsung Heavy is looking at entering the sector, while a new ship repair yard is to be built in Busan. Until the turn of the century, South Korea could boast the world’s largest ship repair facility in Hyundai Mipo, but that company then transferred its repair business to a joint venture in Vietnam.