[Alpha Biz= Kim Jisun] Samsung Heavy Industries (SHI) announced on July 7 that it has signed a preliminary contract with a shipowner in Africa for the construction of a Floating Liquefied Natural Gas (FLNG) facility. The deal is valued at KRW 869.4 billion (approximately USD 630 million), representing 8.8% of SHI's 2024 annual revenue (KRW 9.9 trillion).
The project is reportedly tied to the Coral North gas field off the coast of Mozambique, with the final contract expected to be worth up to USD 2.5 billion (approximately KRW 3.4 trillion).
FLNG units are advanced offshore facilities that extract natural gas from beneath the seabed, liquefy it onboard, and store it until it is transferred to LNG carriers. Samsung Heavy Industries emphasized that this agreement further demonstrates its market-leading competitiveness in the FLNG sector.
Once the final agreement is signed, the deal is expected to significantly bolster SHI's offshore production backlog and reinforce its position in the global energy infrastructure market.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
