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Samsung Heavy bags US$700 mln order for offshore facility

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(Globalpost/GlobalPost)

SEOUL, July 1 (Yonhap) -- Samsung Heavy Industries Co., a South Korean shipbuilder, said Monday that it has clinched a US$700 million deal to build an offshore facility from a Swedish firm.

Under the deal with Stena, Samsung Heavy will deliver the semi-submersible rig during the first half of 2016, the company said.

Samsung Heavy did not give specifics on the facility.

A semi-submersible rig is specially designed to be used in a number of specific offshore roles such as offshore drilling rigs, oil production platforms and heavy lift cranes.

So far this year, Samsung Heavy has received orders valued at $9 billion, achieving 75 percent of its 2013 annual order target of $13 billion.

Shares of Samsung Heavy closed at 35,250 won on the Seoul bourse, down 1.54 percent from the previous session's close.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130701/samsung-heavy-bags-us700-mln-order-offshore-facility