Samsung Heavy Industries has secured a $226 million contract to construct two very large gas carriers (VLGCs) for an undisclosed client based in Bermuda. The deal was finalized on September 29 and is set to continue until February 28, 2030, contingent upon the vessels’ delivery schedule.
Payments for the project will be made progressively according to the construction milestones, and the contract includes an initial advance payment. This order accounts for approximately 2.9% of Samsung Heavy Industries’ projected annual revenue of $7.81 billion, as outlined in its consolidated financial statements for 2025.
The contract’s dollar value is calculated based on the specified exchange rate of KRW 1,360 per dollar at the time of signing. This agreement underscores Samsung Heavy Industries’ ongoing commitment to expanding its portfolio in the maritime sector.
