Samsung Heavy wins record $2.5 billion contract

Samsung Heavy Industries' shuttle tanker. [YONHAP]

Samsung Heavy Industries has won a $2.5 billion deal with an undisclosed European shipper to supply vessel blocks and equipment.

It is the largest single vessel deal the shipbuilder has signed since its establishment in 1974, according to the company on Monday. The contract is expected to end in December 2025.

Samsung Heavy has secured orders worth $3.8 billion so far this year — achieving 45 percent of its annual goal of the year. Samsung Heavy’s total order backlog also rose to $21.1 billion from $19.9 billion at the end of June.

Samsung Heavy also said it expects to win more orders for major liquefied natural gas (LNG) projects in Mozambique and Qatar, as well as container ships and crude oil carriers sectors.

With the news about winning the deal, Samsung Heavy shares soared 15.69 percent to close at 6,930 won ($6.23) on Monday.

“We are pushing hard to succeed in making contracts regarding the signed letter of intents and additional orders by the end of the year,” said a spokesperson for Samsung Heavy in Monday’s regulatory filing.

BY CHEA SARAH [chea.sarah@joongang.co.kr]