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Samsung signs offshore project

Samsung signs offshore project
Samsung Heavy Industries, the world?s second largest shipbuilder saw its share price gain 5.5% today after news that it had signed a major offshore project.

Samsung Heavy Industries, the world"s second largest shipbuilder saw its share price gain 5.5% today after news that it had signed a major offshore project.

Samsung Heavy Industries, the world"s second largest shipbuilder saw its share price gain 5.5% today after news that it had signed a major offshore project.

SHI announced a $661m contract from a European owner for a floating production and storage unit for LNG on Thursday.

On Friday morning SHI"s shares were trading at won25,100 at midday after the largest gain since January 7, when they rose 9.2%.

SHI is increasingly seeing its long-term offshore strategy pay dividends. Where its main domestic rivals have relied more heavily on ships and paid the price in the form of diminishing orders in the final quarter of 2008, SHI has kept afloat due to the continuing demand in the offshore sector.

In 2008, SHI was alone among the top three yards, which include Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering, to exceed its orderbook target, largely because of its global dominance in the construction of FPSOs.

SHI was the only yard to receive an order in November, when it signed a contract for two drillships from Brazil worth $1.4bn.

The market suggests that SHI"s relative good fortune could continue with rumours that the UK"s oil giant Shell is on the verge of placing orders with the shipbuilder for FPSOs early this year.

www.TurkishMaritime.com.tr

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