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Samsung cancels major order from European shipowner

According to Asiasis, Samsung Heavy Industries has cancelled a contract with a European shipowner on the delivery of four LNG-FPSOs to a value of approximately USD 2.4 billion. The giant order makes up 19.4 percent of the yearly turnover of Samsung Heavy Industries.

Photo: Ole Lind

Samsung Heavy Industries has torn up its contract with a European shipowner and is thereby losing an order on four LNG-FPSOs to a value of USD 2.4 billion. The client was not in a position to secure the necessary financing, Asiasis reports.

The value of the cancelled contracts corresponds to 19.4 percent of last year’s turnover in Samsung Heavy Industries. The contract was signed on 10 March 2008 but is now no longer in existence.

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