Samsung Heavy Industries, a major Korean shipbuilder, said on Monday that it has secured a deal worth 869.4 billion won ($637 million) to build an offshore production facility in Africa.

Samsung Heavy signed an initial contract with a European shipping company operating in Africa to construct a floating liquefied natural gas production facility in Mozambique, the company said in a press release.

Countries have shown increased interest in energy security following the Russia-Ukraine war, and investments in offshore energy production facilities are expected to grow amid U.S. President Donald Trump’s shifting energy policies,” the company said.

Samsung Heavy aims to win one to two offshore energy production facility orders annually in global markets.

So far this year, the company has secured $3.3 billion worth of orders, achieving 34 percent of its annual target of $9.8 billion. Last year, it obtained $7.3 billion in orders.

The shipbuilder’s order backlog stood at $26.5 billion as of the end of June, enough to keep its shipyards busy for the next three years.
Source: Korea JoongAng Daily