Samsung Heavy Wins Major Newbuild Orders, Settles Dispute with FLEX LNG

In an exchange filing today, Samsung Heavy Industries announced the winning of contracts to build a new drillship and two LNG carriers for a total consideration of 610.3 billion KRW and 446.5 billion KRW respectively.

The name of the drillship owner was not disclosed, however the LNG carriers will be built for FLEX LNG, a company who has been in a legal battle with Samsung regarding a $458.7 million down payment that Flex LNG made for four FLNG units, a $2.4 billion deal that ended up being cancelled.

This new order marks the settlement of that dispute and a redeployment of a portion of those funds for the construction of two 174,000 m3 TFDE LNG Carriers according to a statement on FLEX LNG’s website.