South Korea: HHI Enters Agreement for Construction of One LNG Vessel for BGC

Hyundai Heavy Industries, one of the world’s biggest shipyards, and Brunei Gas Carriers Sendirian Berhad (BGC) have inked an agreement for the construction of a new LNG Vessel.

The new LNG Vessel with the capacity of 154.800 cubic metres of cargo and will be the fourth built for Brunei Gas Carriers and is expected to be delivered in October 2014.

According to the RTB News, the Signing Ceremony for Shipbuilding Contract and Financing Agreements for Construction of one new LNG Vessel took place yesterday morning.

Signing the Shipbuilding Contract Hull No 2606, was the Managing Director of Brunei Gas Carrier Sendirian Berhad, Awang Mohamad bin Haji Awang Damit, while the Hyundai Heavy Industry Limited was represented by its Chief Executive Officer, Mr Oi-Hyun Kim. The Managing Director of Brunei Gas Carriers, Awang Mohamad bin Haji Awang Damit also signed the Memorandum of Understanding for Refinancing of S.S Abadi and the Memorandum of Understanding for Financing of Hull Number 2606 with the Managing Director of Bank Islam Brunei Darussalam, BIBD, Mr Javed Ahmad.

Hyundai Heavy (HHI), one of the world’s best shipbuilders, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.

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Shipbuilding Tribune Staff, April 30, 2012; Image: hhi