[Offshore Energy/ October 26, 2023] South Korean shipbuilding major HD Hyundai Heavy Industries has signed the contract for the construction of 17 liquefied natural gas (LNG) carriers with Qatar Energy worth a staggering $3.9 billion.

The contract signing was held on Wednesday as part of South Korea’s President Yoon Suk Yeol’s state visit to the country. This was the first state visit by a Korean leader to Qatar.

This deal is the largest ever for South Korea’s shipbuilding industry. It will provide HD Hyundai Heavy Industries with approximately six years of work as the delivery of the ships has been set for 2029. Moreover, South Korean companies’ share of the world’s LNG carrier orders has increased from 74 percent to 81 percent this year.​

The deal was confirmed by QatarEnergy a month ago, marking the second phase of QatarEnergy’s LNG ship acquisition program, which will support its North Field LNG expansion and Golden Pass LNG export projects. In the first phase of the program, a total of 60 ships were ordered at Korean and Chinese shipyards.

The new order brings the total number of confirmed new LNG vessels to be delivered to QatarEnergy and its affiliates to 77, with more to follow, the company said.

South Korea’s Hanwha Ocean and Samsung Heavy Industries are currently engaged in negotiations with Qatari counterparts for the construction of approximately 30 additional vessels.

Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, and South Korea’s President Yoon Suk Yeol agreed to continue to strengthen cooperation in the energy field between the two countries, including the supply of LNG.