Samsung Heavy Industries said on the 2nd that it signed a strategic cooperation agreement (SCA) with Kuok Singapore Limited (KSL) to pursue business collaboration in shipbuilding and offshore sectors and in offshore logistics and digital infrastructure.
According to Samsung Heavy Industries, the signing ceremony that day was attended by CEO Choi Sung-an of Samsung Heavy Industries; KSL Chairman IAAN Kuok (Ean Kuok); and PaxOcean CEO Tan Thai yong (Tan Thai yong).
That day, Samsung Heavy Industries said it agreed with KSL to establish long-term business cooperation plans in areas including ▲ liquefied natural gas (LNG) and energy-related projects ▲ offshore facility repair and module fabrication ▲ newbuilding, conversion, and repair of ships ▲ offshore logistics support ▲ digital infrastructure.
KSL is a multinational corporations that operates businesses in real estate, hotels, shipping, and logistics in Singapore and across Asia, including Hong Kong and Malaysia.
According to Samsung Heavy Industries, KSL owns shipbuilding and shipping affiliates such as POSH (PACC Offshore Services Holdings) and the shipping company Pacific Carriers Limited (PCL). POSH is a corporations specializing in offshore structure construction and repair and conversion, and PCL operates a fleet of about 40 vessels. KSL also owns PaxOcean, which operates shipyards in Singapore, China, and Indonesia.
Samsung Heavy Industries said KSL's management toured the Geoje shipyard block plant, where Robotics automation technology is applied, as well as production sites for LNG carriers and FLNG (floating liquefied natural gas production, storage, and offloading facilities).
Samsung Heavy Industries said it had signed with PaxOcean the overall construction contracts for eight crude oil carriers ordered by two global shipping companies in Oct. 2024 and in Apr. last year. Samsung Heavy Industries said it will handle design and major equipment procurement itself, while construction will take place in Southeast Asia and other locations, as part of a strategy to secure a flexible production system.
A Samsung Heavy Industries official said, "Based on stable cooperation with PaxOcean in ship construction, we will pursue long-term cooperation with KSL in various fields."