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Shell signs up for $4bn Samsung LNG-FPSO

Shell signs up for $4bn Samsung LNG-FPSO

Seoul: South Korea's Samsung Heavy Industries said Tuesday it has won a contract to build a floating gas platform for Royal Dutch Shell worth an estimated four to five billion dollars. The country's leading shipyard said in a statement the LNG-FPSO (Liquefied Natural Gas-Floating Production Storage and Offloading) unit would be delivered by 2016 under the contract due to be signed in Paris on Tuesday. It said the price would be fixed by the end of this year, but cited industry estimates that the project would be worth four to five billion dollars. Samsung said it and Technip, a French oil and gas producer, would jointly design the floating facility -- 468 metres (1,540 feet) long, 74 metres wide and 100 metres high -- for construction at its shipyard in South Korea. The deal marked the first such contract since Samsung agreed last July to exclusively supply LNG-FPSOs to Europe's largest oil company Royal Dutch Shell over the next 15 years.  [10/03/10]

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