Samsung Heavy (SEO:010140) Secured KRW1.32 Trillion LNG Facility Order from Shell (LON:RDSA)

Samsung Heavy Industries Co. (SEO:010140), the world's second-largest shipbuilder, has received a KRW1.32 trillion order to build a floating natural-gas facility for Royal Dutch Shell Plc (LON:RDSA), said South Korea's Yonhap news agency. Samsung Heavy and Technip SA, a French oil and gas producer, will design, construct and install multiple floating liquefied natural gas (LNG) facilities.

In July 2009, Samsung Heavy signed an agreement with Shell to construct LNG facilities for up to 15 years. The order is the first deal of the supply contract signed last year. Samsung Heavy revealed the order last month saying that price may be decided later.

Shell expects to produce 3.5 million metric tons of LNG from a proposed floating LNG facility offshore Western Australia state for 2016.


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