Samsung Heavy Industries has concluded a $2.5 billion contract with a European ship owner to supply ship blocks and equipment, the company said on Nov. 23. The contract period is until December 2025.
The $2.5 billion is the largest single ship contract signed by Samsung Heavy Industries since its foundation. This is equivalent to 100,000 mid-sized cars, which go beyond the distance from Seoul to Busan when lined up.
Samsung Heavy Industries' order backlog has risen to more than $20 billion ($21.1 billion) in five months since it hit $19.9 billion as of the end of June.
The companmy will achieve half (45 percent) of this year's order target at once through this contract. So far, its accumulated orders have totaled $3.8 billion.
An official of Samsung Heavy Industries said, “Our company is likely to win orders from large-scale LNG projects such as those from Mozambique and Qatar, while container ships and crude oil carriers, which recently resumed orders, are also raising expectations for additional orders.”
The official added, "We are making all-out efforts to link the signed LOI (Letter of Intent) and additional options to actual contracts within this year."