Samsung Heavy Industries Agrees on 'Strategic Cooperation' with Norwegian Energy Company Equinor

Jung Jin-taek, President of Samsung Heavy Industries (4th from left), and Trond Bøkken, Executive Vice President of Project Development at Equinor (5th from left), are signing a strategic cooperation agreement and taking a commemorative photo. Photo by Samsung Heavy Industries

[Asia Economy Reporter Donghoon Jeong] Samsung Heavy Industries announced on the 29th that it has signed a 'Strategic Cooperation Agreement' with Equinor ASA, Norway's largest energy company, to continuously strengthen its competitiveness in the offshore EPC (Engineering, Procurement, and Construction) business.

The two companies agreed to enhance long-term cooperation to achieve substantial benefits in the offshore project sector and to establish a regular consultative body involving executives from both sides to continuously discuss mid- to long-term business strategies and ways to expand cooperation areas.

Equinor is one of the largest clients in global oil and gas projects. Recently, it has been expanding its business into the renewable energy sector. Headquartered in Norway, its sales exceeded 100 trillion KRW (USD 90.9 billion) last year. Samsung Heavy Industries expects that this agreement will enable stable operation of its offshore plant business division.

Oh Sung-il, Vice President and Head of the Shipbuilding and Offshore Sales Division at Samsung Heavy Industries, said, "This is the first time Samsung Heavy Industries has formalized a strategic partnership with a global energy company," adding, "We will deepen and broaden cooperation between the two companies in new offshore oil and gas development projects currently under review by Equinor."

Mette Ottoy, Chief Procurement Officer at Equinor, said, "Samsung Heavy Industries is a highly trusted business partner that has successfully executed various offshore EPC projects," and added, "This agreement has laid a stable foundation for future business execution in offshore energy development and low-carbon solution sectors."

Meanwhile, Samsung Heavy Industries and Equinor began their cooperation in 2002 with the substructure of the semi-submersible production facility 'Kristin.' They have maintained a friendly cooperative relationship by successfully delivering a total of nine various offshore plants, including two platforms for the Johan Sverdrup offshore oil field development in the North Sea.

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