Samsung poised to win Russian orders

Samsung Heavy Industries vice-chairman Kim Jing-wan recently said, “We may receive new orders from Russia next month.” He said in an interview with local press, “From the second half considerable amount of new orders will be placed at Samsung Heavy as there are plans of offshore plant newbuilding.”

The South Korean shipbuilder signed a memorandum of understanding last month with Russia’s United Shipbuilding Corporation (USC) whose chairman is Russia’s Deputy Prime Minister Igor Ivanovich Sechin, for the modernization of shipbuilding industry in Russia.

USC is a state-owned shipbuilding group to which 41 shipyards belong. A source near Samsung Heavy said, “Russia plans to place orders for tankers and offshore units in the first half and negotiations are under way.” As such, newbuilding orders could materialise in April.

Kim said, “We are in an emergency operation system, supposing the worst situation. We are securing cashable assets against possible failure of expected orders.”

Samsung Heavy’s cashable assets have fallen by nearly 30% at the end of last year against the third quarter.