DSME receives $640 million of LNG vessels

Daewoo Shipbuilding & Marine Engineering got an order for four 140,500 m3 Liquefied Natural Gas (LNG) carriers from Bergessen Dy Asa, a Norwegian shipping company, said the company on March 4.

DSME explained that this was the largest ship order for the Norwegian shipping industry, equivalent to 640 million US dollars worth.

The LNG vessels measure 279.8 meters long, 43.4 meters wide, 26 meters deep, with cruising speed of 19.75 knots, and capable of delivering 140,500 m3 of LNG.

The company is expected to deliver the vessels to Bergessen in the first quarter of 2005. NLNG Corp., a Nigerian company, will charter the vessels for 20 and a half years.
DSME explained that it has already achieved 740 million dollars worth of orders, reaching one quarter of its three billion dollar sales goal for this year, and secured work remnants for two and half years.

Bergessen is the largest shipping company in Northern Europe and a favorite client of DSME, having received orders for eight vessels, including 7 LNG carriers, amounting to 1.2 billion dollars.

DSME took first place for orders received last year, 38 vessels worth 3.2 billion dollars. Specifically, it received 10 vessel orders that were equivalent to one third of all LNG vessel orders last year. Adding the 4 vessel order it received this year, DSME currently has orders for 20 LNG carriers.