Samsung Heavy Industries Co., a major shipyard here, said Wednesday that it has clinched a $230 million deal to build a floating storage and regasification ship.

Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vessel by May 2019, the company said in a regulatory filing.

Samsung has an option to build three more FSRU units, it said.

Earlier this month, the shipbuilder won a $1.27 billion deal to build an offshore facility, marking the first mega deal of the year for South Korean shipbuilders struggling to bring in new orders.

Samsung Heavy’s offshore facility deal marked the first of its kind in 18 months. Last year, no offshore facility deals were made around the globe due to low oil prices.

The shipbuilder said earlier it was likely to win an additional offshore facility deal due to rising oil prices.

South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis, which sent new orders tumbling amid a glut of vessels and stiffer competition from Chinese rivals.

Source: Yonhap