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Samsung Heavy Industries eyes return to profit from next year

Collected: 2018.03.23

Distributed: 2018.03.26

Source: Go Direct

[Photo by Samsung Heavy Industries Co.]

Samsung Heavy Industries Co., one of Korea`s three shipyard majors, is hopeful for swinging back to a profit next year, given the smooth flow of orders and recovery in the global oil market.

“We will work hard to achieve turnaround in the top and bottom line from next year by going all-out to draw orders in LNG carriers and offshore projects,” chief executive Nam Joon-ou said in a shareholders’ meeting on Thursday.

Global yield of LNG will rise 43 percent to 378 million tons in 2019 from 264 million tons in 2017, demanding more tankers to carry them, according to Nam.

Korea’s top three shipbuilders - Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering - dominate orders in LNG carriers.

There are at least 30 tenders in offshore drilling projects in the pipeline, also helping the company with an edge in offshore technology, he said.

In December last year, Samsung Heavy announced a recapitalization scheme through rights offering of 1.5 trillion won ($1.4 billion) to pay off maturing debt and clean up its balance sheet.

Once completed, its debt ratio will go down from 140 percent to 90 percent, and the debt to equity ratio from 30 percent to 20 percent, he said.

By Woo Je-yoon and Lee Ha-yeon

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