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Finetec announced on a regular release that it has signed a contract of approximately 49.75 billion won ($44.54 million) with Samsung Heavy Industries on October 10 to supply insulation boards for LNG-FPSO and LNG carriers. The contract is expected in 2014. Delivery will be completed by May 10.
At the same time, Hankuk Carbon also disclosed on October 10 that it has signed an order with Hyundai Heavy Industries to supply insulation boards for two LNG carriers. It is expected to be delivered in 2013 with a contract value of approximately 25.96 billion won ($23.38 million).
Korean ship equipment manufacturers have also seen orders growth due to the increase in orders from Korean shipbuilding companies for new LNG-related projects, such as LNG-FPSO, LNG carriers, and LNG-FSRU.