Hyundai Heavy Ind. Group wins orders worth $1.05 billion

SEOUL Sat Dec 22, 2012 9:07pm EST

SEOUL (Reuters) - Hyundai Heavy Industries (009540.KS) announced on Sunday that the company and its affiliated shipyard have obtained orders totaling $1.05 billion to build five liquefied natural gas (LNG) carriers.

Hyundai Heavy said in a statement it had won an order for one 155,000-cubic-metre LNG carrier worth $210 million from Brunei Gas on Friday.

The company's affiliated shipyard, Hyundai Samho Heavy Industries, also won a contract for four 174,000-cubic-metre LNG carriers valued at $840 million from Greece's Maran Gas on Thursday. The contract included an option exercisable by the owner for two additional same-class LNG carriers, Hyundai added.

The LNG carriers, scheduled to be delivered between 2015 and 2016, will feature the so-called dual fuel diesel engine system (DFDE) which allows the ships to run either on diesel fuel or natural gas, according to the company.

Since its first LNG carrier order in 1991, Hyundai Heavy Industries has built 40 such carriers while Hyundai Samho Heavy has won orders for 10 LNG vessels since 2011.

(Reporting by Sung-won Shim; Editing by Nick Macfie)

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Comments (1)
Sonorama wrote:
Greeks should be building the carriers. And other countries should finance them. Think of it as a long-term investment.

Dec 22, 2012 11:07pm EST  --  Report as abuse
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