Samsung Heavy Industries

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SHI begins construction of LNG test facility

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 awarded $180 million in arbitration case

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.

SHI shuts down operations due to deadly accidents

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.

SHI may seal the deal for the construction of a FPSO

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 SHI team up for LNG carrier & shuttle tanker solutions

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.

SHI’s INTELLIMAN Ship software compliant with EU-MRV, IMO-DCS

DNV GL announced that Samsung Heavy Industries INTELLIMAN Ship software is compliant with the EU-MRV and IMO-DCS regulations. The INTELLIMAN Ship is a smart ship solution, aiming to facilitate data management from fleet operation to life-cycle service. DNV GL confirmed that the software can be used as a recording and reporting tool.

Samsung Heavy uninterested in joining the race for Daewoo Shipbuilding takeover

Samsung Heavy Industries Co. is not interested in taking part in the race of purchasing Daewoo Shipbuilding & Marine Engineering Co., as its parent Samsung Group doesn’t wish to expand its shipbuilding business, according to Yonhap. Yet, on January 2019 Hyundai Heavy Industries expressed its interest on buying, the second-placed, Daewoo Shipbuilding and Marine Engineering Co Ltd.

Samsung Heavy Industries’ net loss increases by 13.9% in 2018

Samsung Heavy Industries Co., South Korea’s shipyard, reported that its net losses increased by 13.9% during 2018 in comparison to 2017 because of fewer orders. Its net loss resulted to 388.2 billion won (US $346 million) in 2018, compared to 340.7 billion loss in 2017.

South Korea takes the lead on shipbuilding, surpassing China

South Korean shipyards, for the first time after seven years, have surpassed China and take the lead on shipbuilding orders, according to new data from Clarkson Research. The data reveals that S. Korean yards received new orders that reached approximately the 12.63 million compensated gross tons in 2018, 44.2% of the 28.6 million CGTs that were reached globally.

DSME and HHI surpass 2018’s order target

Hyundai Heavy Industries (HHI) has exceeded its orderbook goal for this year before the year ended. Also, Daewoo Shipbuilding and Marine Engineering (DSME) surpassed its expectations.

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