Samsung bags $360 mln contract for shuttle tankers

Jun 06, 2018
2 min read
Print this page

South Korea’s Samsung Heavy Industries said it won a contract for building four shuttle tankers of total 152,700 deadweight tonnage, in a deal worth about US$360 million from Singapore AET, one of the world's largest oil tanker company.

The shuttle tanker is a vessel that transports crude oil produced by offshore plants from sea to land storage bases and is mainly used for offshore oil fields such as Europe's North Sea and Barents Sea, Eastern Canada, and Brazil.

Samsung Heavy Industries' new shuttle tanker will be equipped with a state-of-the-art Dynamic Positioning System to maintain a stable position in the sea affected by high waves, winds, and algae, and to provide stable connection to offshore plant facilities. .

The shuttle tanker ordered from AET is expected to be placed in the Brazilian waters where there was no order for many years, and additional orders are expected in South America, Samsung said.

It received orders for all 11 shuttle tankers ordered last year and this year, and since 2010, it has secured two-thirds of the global market (34 out of 50), Samsung said.

With the new contract, Samsung Heavy Industries' orders received this year totals 24, valued at $2.3 billion. This includes 8 container ships, 5 LNG carriers, 11 tankers, including 4 shuttle tankers.

Samsung Heavy Industries has won 56 orders of 130 shuttle tankers from around the world since it began building these in 1995, the company said.