Samsung Heavy closes in on US$ 2.5 billion LNG contract

Samsung Heavy Industries is close to winning a project to build a floating liquefied natural gas facility (FLNG).

The South Korean shipbuilder is part of a consortium bidding for the project, which includes the French multinational Technip and the Japanese firm JGC.

The total value of the project is reported to be around US$ 5.4 billion, with Samsung’s share said to be worth some US$ 2.4 billion.

A source reported that the deal is close to being agreed with the Italian energy company ENI.

The contract would bring some welcome relief to Samsung Heavy, which has failed to win a single shipbuilding contract so far this year and is struggling with mounting losses amid an industry-wide shipping industry slump.