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SHI shares up on prospects for FPSO order

SHARES in Samsung Heavy Industries, the world’s second largest shipbuilder led the charge among its rivals today on rumours it would win a significant offshore order. The market has SHI marked down to win a liquefied natural gas floating, production, storage and offloading facility from Royal Dutch Shell worth an estimated $5bn according to analysts. Also said to be in the running for the project are chief domestic rivals Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering. But the market revealed its choice by sending SHI’s shares up 7% on the day. An SHI spokesperson told Reuters news agency that it had joined the bidding for the project but a decision by Shell was not expected until July.

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