Daewoo Shipbuilding Wins Order for 2 LNG Barges from Russian Shipowner

[Asia Economy Reporter Hwang Yoon-joo] Daewoo Shipbuilding & Marine Engineering announced on the 8th that it has received an order worth approximately 901.3 billion KRW for two 360,000㎥ class LNG Barges (liquefied natural gas storage and transshipment facilities) from a Russian shipowner. These vessels are scheduled to depart for their installation sites by the end of 2022. The contract also includes an option for two additional vessels, raising expectations for further orders in the future.

An LNG Barge is a facility that receives LNG from an icebreaking LNG carrier at sea, stores it, and then transfers it to a conventional LNG carrier, functioning as an LNG terminal afloat at sea. This facility is planned to be installed in Russia’s Murmansk and Kamchatka regions, serving as intermediate stopover points. Once installed, it will enable much faster supply of LNG produced in the Arctic Ocean to Europe and Asia, and is expected to significantly reduce the operating costs of LNG carriers transporting the gas.

With this contract, Daewoo Shipbuilding & Marine Engineering has successfully completed a full lineup of LNG-related facilities including LNG carriers, icebreaking LNG carriers, LNG-RVs, LNG-FSRUs, LNG-FSUs, and LNG-FPSOs. Notably, the icebreaking LNG carriers, LNG-RVs, LNG-FSRUs, and LNG-FPSOs are products that Daewoo Shipbuilding & Marine Engineering was the first in the world to build, leading the technology in the LNG sector.

A representative from Daewoo Shipbuilding & Marine Engineering stated, "This order once again proves Daewoo Shipbuilding & Marine Engineering’s overwhelming technological prowess in LNG-related fields to the market. Amid the postponement of some large-scale projects due to the impact of the COVID-19 pandemic, this order will greatly help secure stable work."

Daewoo Shipbuilding & Marine Engineering has secured orders this year for a total of six vessels worth approximately 1.43 billion USD, including two LNG Barges, one LNG FSRU, two shuttle tankers, and one VLCC.

This content was produced with the assistance of AI translation services.