Seoul: Samsung Heavy Industries Co., a prominent South Korean shipbuilder, announced it has finalized a contract valued at 3.65 trillion won (US$2.38 billion) to construct a floating liquefied natural gas (FLNG) facility. This agreement signifies a substantial achievement for the company as it expands its portfolio in the global shipbuilding industry.

According to Yonhap News Agency, the contract has been signed with an undisclosed client based in Africa, with the delivery of the facility scheduled for 2028. This development follows a preliminary work agreement that allowed Samsung Heavy to commence certain construction activities prior to the finalization of the contract. The shipbuilder is currently engaged in the construction of the topside modules, and the subsequent phases will include module installation and commissioning.

So far this year, Samsung Heavy Industries has secured contracts totaling $9.6 billion for the construction of 30 ships and offshore facilities, reflecting its strong foothold and competitive edge in the shipbuilding sector. The latest FLNG project is a significant addition to its existing order book, underscoring the company's capability and commitment to delivering complex offshore solutions.