Samsung celebrates much needed Höegh LNG FSRU orders

Samsung celebrates much needed Höegh LNG FSRU orders

Santa has come early for Samsung Heavy Industries. The South Korean yard, which has endured its most barren spell of orders in a generation this year, falling far short of its annual sales targets, has at last received some good news.

Höegh LNG has signed a letter of intent for one firm and three optional FSRUs at the Korean yard.

The 170,000 cu m FSRUs have regasification capacity of 750 MMScf/day and full trading capabilities.

The vessels have scheduled delivery dates of two units in 2019 and two units in 2020. The complete shipbuilding contract for the firm vessel is expected to be signed by mid-January 2017.

Höegh LNG president and ceo Sveinung Støhle commented: “Last week we secured a new FSRU employment contract, and today we follow up with the ordering of our next series of FSRU newbuildings, in line with our declared strategy. With this agreement with SHI, whose selection has been subject to a competitive international tender, Höegh LNG has taken advantage of a very favorable newbuilding market to position itself for further expansion in the FSRU segment.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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