Samsung Heavy Loses $4.6 Billion Royal Dutch Shell Order on Oil
This article is for subscribers only.
Samsung Heavy Industries Co., the world’s third-largest shipbuilder, said an order to build three floating liquefied natural gas production facilities was canceled after the energy development project was scrapped amid a plunge in oil prices.
The contract, valued at 5.27 trillion won ($4.6 billion), from Royal Dutch Shell Plc was voided because of the current difficult market conditions, the Sungnam, South Korea-based company said in a regulatory filing Thursday. The shipbuilder won the deal in June on the condition that the project will start only after the client is ready to proceed.