Samsung Heavy Industries Company Limited (SHI) has agreed to pay penalties amounting to more than $75 million in order to resolve a U.S. government’s investigation into violations of the Foreign Corrupt Practices Act. The Department of Justice stated that SHI paid millions of dollars to a Brazilian intermediary knowing that some of the money would be used to bribe high-level executives at Petrobras to obtain a shipbuilding contract.
Samsung Heavy Industries
Samsung Heavy Industries (SHI) and Bloom Energy, a manufacturer of solid oxide fuel cells, announced their partnership on designing and developing a vessel that could be the first large merchant vessel powered by fuel cells that run on natural gas.
ABS and South Korean shipbuilder Samsung Heavy Industries (SHI) signed on a joint development project to collaborate on a next generation LNG carrier with advanced air lubrication and smart capabilities. The agreement was signed on 17 September.
Samsung Heavy Industries (SHI) signed a contract with the Russian Zvezda shipyard for the construction of ice-class LNG carriers for the Arctic LNG 2 project and to provide technological support in this project. SHI announced that it will establish a joint venture with Zvezda for the construction of shuttle tankers, which demonstrates its willingness to enter into the Russian market.
Samsung Heavy Industries Co., one the major shipbuilders in South Korea, informed on July 29, that it has created a lithium-ion battery power system for ships. According to the company, the battery system can be implemented to any type of ships.
South Korean shipbuilding giant Samsung Heavy Industries announced that it began the construction of an LNG system test facility as it looks to boost its market competitiveness. SHI invested in R&D (research and development) facility to strengthen its market position.
EnscoRowan, an offshore drilling company, announced it won $180 million in damages in arbitration proceedings against Samsung Heavy Industry stemming from a 2016 drillship case. Concerning the incident, in April 2016, the company, then known as Ensco, began arbitration proceeding against SHI for the losses incurred in connection with a drilling services agreement for ENSCO DS-5 that was voided Brazil’s Petrobras.
Samsung Heavy Industries has been ordered to shut down operations on its main plant in Geoje, South Gyeongsang Province, following a series of deadly accidents caused by safety lapses. The Ministry of Employment and Labour announced that a 58-year-old laborer was killed when construction materials ― 1.5 tons of H-beam steel ― from a crane fell on him at a Samsung Heavy shipyard in Geoje.
As Samsung Heavy Industries reported on Monday, April 22, it signed a contract with an Asian shipping company, for the construction of a storage and offloading unit that will cost 1.1 trillion won, under the term that the client’s move is supported by the partner and the government.
Wärtsilä and Samsung Heavy Industries (SHI) signed a Joint Development Project (JDP) agreement with the goal to achieve a more efficient solution for LNG Carrier and Shuttle tanker vessels. The cost optimisation, including both CAPEX and OPEX, is among the project aims.
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