HHI awarded $220 mln shipbuilding contract by Kuwait Oil Tanker Co. for the construction of three VLGC

By Curious

Hyundai Heavy Industries Co. (HHI), the world's biggest shipbuilder by orders, has received a US$220 million gas carrier order in Kuwait, the company said Thursday.

HHI awarded $220 mln shipbuilding contract by Kuwait Oil Tanker Co. for the construction of three VLGC
Caption: Hyundai Heavy President and CEO Sam H. Ka (R) and KTOC CEO Sheik Talal Khaled Al-Ahmad Al-Sabah sign a $220 million contract on Jan. 24, 2017, to build three gas carriers for the Kuwaiti company.

In the order placed by the Kuwait Oil Tanker Co.(KOTC) on Wednesday, Hyundai Heavy will build three very large gas carriers at its shipyard in Ulsan, about 410 kilometers southeast of Seoul, the company said in a statement.

The gas carriers will be gradually delivered to the state-run Kuwaiti company starting in 2019, it said.

Hyundai Heavy has 260 ships valued at $20 billion in order backlog, which will make its shipyards busy for the coming year.

Source: Yonhap