Samsung Heavy Industries Co., the world’s third-largest shipbuilder by orders has secured a 1.94 trillion-won ($1.34 billion) contract to construct nine shuttle tankers for a shipper based in the Oceania region, according to the company's release.
The company disclosed the deal in a regulatory filing but did not reveal the name of the client.
The vessels are scheduled to be delivered in phases by 2028.
Shuttle tankers are specialized ships designed to transport crude oil from offshore production facilities to onshore storage terminals.
Samsung Heavy Industries has been a leader in this niche market since building South Korea’s first shuttle tanker in 1995. Over the past decade, the company has secured orders for 29 shuttle tankers, accounting for 57% of the global market share. With this latest contract, Samsung Heavy Industries has achieved 16.3% of its annual order target of $9.8 billion.
Samsung Heavy Industries Co. is a South Korean shipbuilding and offshore construction company, part of the Samsung Group, specializing in high-value vessels like LNG carriers, drillships, and shuttle tankers.