March 09, 1998 in Social Responsibility News

SAMSUNG Heavy Industries Awarded Contracts to Build Five Ships at US$200 Million

SEOUL, Korea - March 9, 1998 - Samsung Heavy Industries Co (SHI) announced today that it has won contracts from Italy's Premuda Group and Liberia Shipping Co. of Liberia to build five ships at US$200 million. These latest orders signal the recovery of Korea's credibility, which plummeted as the nation asked for the IMF bailout late last year. More orders from the world's major shipping companies in Europe and the rest of the world are expected to follow.
Premuda International, a fully owned subsidiary of Italy's Premuda Group, placed a firm order for four 72,500 dwt panamax tankers at US$150 million. The tankers are for delivery in 2000 and the contract includes options for three other ships (two panamax and one suezmax size tankers) that will be declared within the next six months.

Samsung has also received an order for an 180,000 dwt bulk ship at US$50 million from Liberia Shipping Co. of Liberia. The bulk ship is for delivery in the first half of 2000.

In addition, early last month, Samsung Heavy Industries received a turnkey order for a 108,000 dwt displacement drillship, used for deep-sea oil development, from Saipem Co. of Italy. This state-of-the-art ship comes with a hefty US$270 million price tag, the highest amount ever paid for a ship built in Korea. Along with this month's orders of US$200 million, the total of US$470 million is sufficient to keep Samsung's shipyards busy for the next two and a half years.

These phenomenal achievements were made as the result of Samsung's sustained efforts to further strengthen its overseas marketing network and make inroads into new markets, all aimed at overcoming the economic crisis facing Korea today.

Samsung Heavy Industries Co., a division of the US$93 billion, Korea-based Samsung Group, operates three major business divisions: Shipbuilding, Industrial Machinery and Construction. The company had sales of US$4 billion in 1996 and employs 11,550 people worldwide. For more information, please access www.shi.samsung.co.kr


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