Hanwha Ocean bags 545.4 bln-won order for floating LNG vessel

Major South Korean shipbuilder Hanwha Ocean Co. said Wednesday it has won a 545.4 billion-won (US$413.6 million) order to build a floating liquefied natural gas (LNG) vessel. Hanwha Ocean will construct an LNG floating storage and regasification unit (FSRU) for an undisclosed client in Asia, the company revealed in a regulatory filing. The vessel is scheduled to be delivered by October 2027. An FSRU is a specialized vessel that both transports and converts LNG into a usable form simultaneously. It offers a faster and more cost-effective supply of natural gas to smaller markets compared to conventional land-based infrastructure. So far this year, Hanwha Ocean has bagged $6.1 billion worth of orders to build a total of 31 vessels, far exceeding $3.5 billion for the whole of 2023. Hanwha Ocean, formerly Daewoo Shipbuilding and Marine Engineering Co., set sail as the shipbuilding arm of chemical-to-defense industry conglomerate Hanwha Group in May last year. Source: Yonhap News Agency