Singapore-based BW Group has ordered two more LNG carriers from Daewoo Shipbuilding & Marine Engineering, almost a year after it ordered two similar ships from the South Korean shipbuilder.
The two 173,400 m³ LNG carriers contracted on 25 September are priced at KRW478 billion (USD400 million) in total. DSME only revealed the order on 30 September due to the Chuseok holiday from 28-29 September.
Each ship, which would be fitted with ME-GI systems, has a length of 294.4 m and a width of 46.4 m width. They are expected to be delivered by 31 March 2019.
BW Group, which is led by CEO Carsten Mortensen, had ordered two similar ships from DSME in September 2014. The company has a joint venture with Singapore-based Pavilion Energy. The latter, which is part-owned by the Singapore government’s investment company Temasek Holdings, plans to import LNG into Asia.
DSME, which admitted to concealing KRW3 trillion (USD2.5 billion) in losses from offshore plant orders, has been in financial straits, with analysts predicting its KRW15 trillion liabilities may worsen.
Its CEO Jung Sung-leep said, “All employees are working hard to secure orders to stabilise the company and we’re glad to maintain our customers’ trust.”