South Korean shipbuilder Samsung Heavy Industries has won a KRW 672.2bn ($494.3m) contract for two LNG carriers from an unidentified Asian shipowner, according to a regulatory filing with South Korea’s DART system.
The contract runs from 2 October 2026 to 31 May 2029. The completion date is tied to delivery of the vessels and may change depending on construction progress.
The deal is equivalent to 6.3% of Samsung Heavy’s KRW 10.65trn ($7.90bn at current rates) consolidated revenue for 2025.
The contract includes a down payment and advance payment, with further payments due as construction progresses. The order takes Samsung Heavy’s LNG-related carrier intake in 2026 to 20 vessels, including one floating storage and regasification unit.
Its commercial ship orders this year stand at 46 vessels worth $8bn, or about 140% of its $5.7bn annual target. The total comprises 20 LNG carriers including the FSRU, two ethane carriers, six gas carriers, four container ships and 14 crude oil tankers.
Including two floating LNG production facilities, Samsung Heavy’s total 2026 intake has reached $12.4bn for 48 ships and offshore facilities, equivalent to 89% of its $13.9bn overall annual target. Offshore orders account for $4.4bn.
Samsung Heavy has linked its LNG carrier order intake to capacity at its Geoje shipyard in South Korea, where the No. 3 dock measures 640 metres by 97.5 metres and can accommodate four large LNG carriers simultaneously. The company is also pursuing a KRW 10trn ($7.41bn at current rates) investment programme at Geoje aimed at increasing automation and production efficiency through digital technology, artificial intelligence and robotics.
Samsung Heavy Industries was established in South Korea in 1974. Its operations cover commercial shipbuilding and offshore engineering, including floating production, storage and offloading units and other specialised vessels and offshore facilities.