South Korea: Samsung Heavy Order Book Beats Expectations

 

Samsung Heavy Industries announced on the 6th that it has received an order for two units of drill ships worth a total of USD 1.1225 billion (KRW 1.194 trillion) from Maersk, Denmark.

The company successfully received orders worth USD 3.1 billion for six units of LNG tankers and five units of shuttle tankers, as well as the newly ordered two units of drill ships from foreign shippers in Europe and America.

The Company recorded USD 14.2 billion in orders in the first six months of 2011, more than the annual order target of USD 11.5 billion. The Company has already seen a year-on-year increase of 50% in its order volume compared to USD 9.7 billion of 2010.

Samsung Heavy Industries’ achievement of such remarkable growth can be attributed to its development of the world’s first and largest LNG-FPSO, which Royal Dutch Shell ordered in late May for USD 3 billion. Royal Dutch Shell recently announced its plan to develop the Timor Gas Field. As it has placed an order with Samsung for a unit of LNG-FPSO to be delivered to Prelude Gas Field in Australia, the recent announcement has brought high expectations of additional orders of the LNG-FPSO.

The growths in drill ships and LNG tankers, sectors in which Samsung Heavy Industries has led the market, are also remarkable.

The Company has received orders for a total of ten units of drill ships in 2011, including the two units of newly ordered drill ships. It maintained an unchallengeable position of market leadership with a market share of 56% by winning orders for 42 units of the 75 units of drill ships ordered worldwide since 2000.

In the area of LNG tankers, the Company has also enjoyed a strong presence in the market by winning orders for 14 units of LNG tankers out of 29 units ordered in 2011.

According to Clarkson, the UK-based shipbuilding and marine transportation researcher, and various industry experts, the development of multiple marine products will lead to orders for a total of 177 units of LNG tankers by 2015. It is also expected that floating offshore equipment markets including FSRU and LNG-FPSO will also see steady growth, as ‘new blue oceans.’

 CEO Roh In-Sik of Samsung Heavy Industries said, “Offshore equipment has accounted for over 50% of the orders we have received in the last five years. We have exceeded this year’s order target, thanks to our continuous R&D efforts based on our prediction of high offshore equipment demand.”

Source: SHI, July 8, 2011;

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