Hyundai nets deals for LPGs worth in excess of $1 billion

Hyundai Heavy Industries Group said yesterday it has clinched deals for five natural gas carriers, valued at a combined $1.1 billion this year.

Hyundai Heavy Industries, the group’s flagship and the world’s largest shipbuilder, won a deal to build a liquefied natural gas (LNG) floating storage regasification vessel for Hoegh of Norway.

In a separate deal with an unidentified European client, the shipmaker will also build two LNG carriers.

Hyundai Samho Heavy Industries, a unit of the shipbuilding conglomerate, also received an order to build two LNG carriers from Golar LNG Energy. Hyundai Heavy did not reveal the value of each contract. The vessels will be delivered from the second quarter of 2014, Hyundai Heavy said. It won orders valued at $25.3 billion last year, up 47.2 percent from 2010.