Choi Sung-an (left), Vice Chairman and CEO of Samsung Heavy Industries, and Ian Kuok, Chairman of the Kuok Group, pose for a photo after signing a strategic cooperation agreement at the Geoje Shipyard in South Gyeongsang Province on the 2nd. Photo courtesy of Samsung Heavy Industries
Samsung Heavy Industries (010140.KS) is strengthening cooperation with Singapore’s Kuok Group in areas including offshore facility repair and module fabrication, as well as shipbuilding and repair. On Tuesday, Samsung Heavy Industries won an order for two crude oil carriers, reaching 71% of its annual order target.
Samsung Heavy Industries said it signed a strategic cooperation agreement with Kuok Group for future business collaboration spanning shipbuilding and offshore, maritime logistics, and digital infrastructure.
Choi Sung-an, vice chairman and CEO of Samsung Heavy Industries, and Ean Kuok, chairman of Kuok Group, along with other top executives from both companies, attended the signing ceremony. Kuok Group’s management visited the Geoje shipyard, touring the block factory equipped with robotics automation technology and the production sites for liquefied natural gas (LNG) carriers and FLNG (floating LNG production, storage and offloading facilities).
Samsung Heavy Industries and Kuok Group agreed to develop long-term business cooperation plans in areas including LNG and energy-related projects, offshore facility repair and module fabrication, ship newbuilding, conversion and repair, maritime logistics support, and digital infrastructure.
Kuok Group is a multinational company engaged in various businesses across Asia, including real estate, hotels, and logistics. It holds a number of shipbuilding, offshore, and shipping affiliates, including PaxOcean, which operates shipyards in Singapore, China, and Indonesia.
Samsung Heavy Industries said it won an order for two crude oil carriers from an Oceania-based shipping company that day. The contract is worth 273.4 billion won, with the vessels scheduled to be delivered sequentially by June 2029.
Including this order, Samsung Heavy Industries has secured a total of 32 vessels, comprising 30 commercial ships and two FLNG units. Its cumulative order value this year stands at $9.8 billion (about 15.2 trillion won), or 71% of its annual order target of $13.9 billion (about 21.56 trillion won).
“Orders for crude oil carriers continue steadily due to diversification of shipping routes and demand for replacing aging vessels,” a Samsung Heavy Industries official said. “Through global operations, we will respond flexibly to changes in market demand and focus more on selective, profitability-driven orders.”