Major South Korean shipbuilder Hanwha Ocean Co. said Wednesday it has won a 545.4 billion-won (US$413.6 million) order to build a floating liquefied natural gas (LNG) vessel, according to Yonhap.
Hanwha Ocean will construct an LNG floating storage and regasification unit (FSRU) for an undisclosed client in Asia, the company revealed in a regulatory filing. The vessel is scheduled to be delivered by October 2027.
An FSRU is a specialized vessel that both transports and converts LNG into a usable form simultaneously. It offers a faster and more cost-effective supply of natural gas to smaller markets compared to conventional land-based infrastructure.
So far this year, Hanwha Ocean has bagged $6.1 billion worth of orders to build a total of 31 vessels, far exceeding $3.5 billion for the whole of 2023.
Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., set sail as the shipbuilding arm of chemical-to-defense industry conglomerate Hanwha Group in May last year.