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Daewoo Shipbuilding bags 411 bln-won deal for floating storage facility

16:14 May 21, 2020

By Nam Kwang-sik

SEOUL, May 21 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder in South Korea, said Thursday that it has clinched a 411 billion-won (US$340 million) deal to build a floating storage facility.

Under the deal with a company based in Central America, Daewoo Shipbuilding will deliver a liquefied natural gas floating storage regasification unit (LNG-FSRU) by June 2023, the shipbuilder said in a regulatory filing.

Daewoo Shipbuilding did not reveal the name of the buyer.

This photo, provided by Daewoo Shipbuilding & Marine Engineering Co., shows a liquefied natural gas floating storage regasification unit built by the company. (PHOTO NOT FOR SALE) (Yonhap).

"The deal will be effective after the company in Central America makes a final investment decision," the company said.

Daewoo Shipbuilding also said the Central America-based company will provide compensation for the costs related to the construction of the vessel, if the final investment decision is not made.

So far this year, Daewoo Shipbuilding has secured $720 million worth of deals, achieving 10 percent of its annual order target of $7.2 billion for the year.

Shares of Daewoo Shipbuilding & Marine Engineering closed at 17,450 won on Thursday, up 0.58 percent from the previous session.



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