Samsung heavy bags $950mn shipbuilding deals

Samsung Heavy Industries Co., a South Korean shipbuilder, said Monday that it has clinched two deals valued at a combined US$950 million to build two LNG carriers and a drill ship. Under the deal with Flex LNG of Britain, Samsung will build two LNG ships with the capacity to carry 174,000 cubic meters of liquefied natural gas each for $400 million. Also, the shipbuilder received a separate deal valued at $550 million from an unidentified customer to build a drill ship. With the two deals, Samsung has received $11.6 billion worth of deals so far this year, achieving 89 percent of its annual order target of $13 billion. Shares of Samsung Heavy closed at 38,900 won on the Seoul bourse, down 1.52 percent from the previous session's close.