KSOE obtains contracts worth 2.2 billion dollars for ten LNG carriers

Through its subsidiaries, Korea Shipbuilding & Offshore Engineering (KSOE) has been awarded two contracts worth $2.2 billion (KRW 2.87 billion) for the construction of ten liquefied natural gas carriers ( LNG).

Under the first contract, KSOE subsidiary Hyundai Heavy Industries (HHI) will build eight 174,000 m³ LNG carriers for an undisclosed European shipping company.

These vessels will be built at HHI’s shipyard, located in the southeast port of Ulsan, South Korea. HHI expects to deliver the vessels by mid-November 2026.

Under the second contract, KSOE’s other unit, Hyundai Samho Heavy Industries, will build two LNG vessels of similar capacity for an unnamed Oceanian shipper.

These vessels are expected to be delivered by August 2026.

KSOE did not disclose whether these contracts were part of an agreement signed between QatarEnergy, HHI and two other Korean shipbuilders to build more than 100 LNG ships, worth a total of around $19.2 billion, until in 2027.

The other two shipbuilders involved in this agreement are Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.

In January, KSOE also reportedly received shipbuilding contracts worth $1.39 billion (1.67 t KRW) for ten vessels.

Last month, KSOE and HHI received approval in principle (AiP) from DNV for their new waste heat derived LNG fuel system.

The system can serve 300,000 Very Large Crude Carriers (VLCCs).

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