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Korea Republic of,Malaysia : HYUNDAI HEAVY INDUSTRIES secures $850M contract from PETRONAS.

The Korean Hyundai Heavy Industries has announced it has secured a $850 million contract for the construction of four LNG tankers for Malaysian national oil company Petronas.

Hyundai Heavy said the deal will see the company building four LNG vessels, each of which will have a capacity of 150,000 cubic meters, by the latter half of 2016.

It added that the contract also holds an option for a further four LNG carriers of the same class.

Mohammad Nurman Kamaruddin, an LNG shipping broker at SSY Singapore, said : "Petronas is ordering these Moss-type carriers for a specific reason, they are dedicated to their floating LNG projects. Floating LNG is offshore so Moss-type carriers can mitigate the sloshing risk."

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Publication:Mena Report
Date:Oct 12, 2013
Words:131
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