Shipbuilding equipment corporations S&SYS said on the 10th it signed a contract to supply equipment worth 14 billion won for a liquefied natural gas carrier (LNGC) being built by Hanwha Ocean. S&SYS has supplied very large ammonia carriers (VLAC), very large crude carriers (VLCC), very large gas carriers (VLGC) and very large container ships, and now LNG carriers, rising as a key supplier for Hanwha Ocean's major newbuild ship types.
S&SYS will supply equipment worth about 14 billion won ($9,065,000) for seven LNG carriers being built by Hanwha Ocean. The contract size is equivalent to 9.71% of last year's sales. Payment will be received after deliveries are completed by Mar. 21, 2028. The vessels are part of an order Knutsen OAS Shipping placed with Hanwha Ocean.
S&SYS has targeted Hanwha Ocean's newbuild ship-type supply chain since last year. Following VLACs, VLCCs, VLGCs, and very large container ships, it has now entered Hanwha Ocean's LNG carrier supply chain.
LNG carriers are considered high value-added ship types. The role of the power and control equipment that S&SYS specializes in is important. The company said it expects additional orders based on design standardization and more efficient material procurement from this win.
S&SYS was established in 2017 when the electrical and electronics division (Gijeon team) of Samsung Heavy Industries was spun off. Its main businesses include voyage control solutions, solutions for ship electrical systems, and ballast water (seawater taken on board to stabilize a ship's center of gravity) treatment systems.