Launch ceremony of the “Coral North” FLNG (Image provided by Samsung Heavy Industries)
SEOUL, Jan. 16 (Korea Bizwire) — Samsung Heavy Industries on Friday launched the hull of a massive floating liquefied natural gas facility ordered by Italy’s state-run energy company ENI, underscoring South Korea’s growing role in the global offshore gas market.
The vessel, named Coral North, was launched at Samsung Heavy Industries’ shipyard in Geoje, about 400 kilometers southeast of Seoul.
Often described as a “floating LNG plant,” an FLNG facility extracts natural gas offshore and processes, liquefies, stores and offloads it at sea. Measuring 432 meters in length and 66 meters in width, Coral North is roughly the size of four soccer fields placed end to end and weighs about 123,000 tons at launch.
The project marks Samsung Heavy Industries’ second ultra-large FLNG for ENI, following the delivery of Coral Sul in 2021. The Korean shipbuilder signed a preliminary construction agreement with ENI worth 869.4 billion won ($650 million) in July last year and is targeting completion of Coral North in 2028. The remaining work includes the installation of LNG storage tanks, topside processing facilities, insulation and outfitting.
Samsung Heavy Industries said it has secured orders for six of the 10 FLNG units commissioned worldwide to date, reinforcing its dominance in the specialized offshore segment. Citing industry estimates, the company noted that the global FLNG market is expected to expand sharply, from about $22.9 billion this year to more than $135 billion by 2035, driven by rising demand for liquefied natural gas.
The shipbuilder has delivered four FLNG units so far, including the world’s largest, Prelude, and is currently building two more. It recently extended a letter of agreement with U.S.-based Delfin Midstream for a potential FLNG project in the Gulf of Mexico, ahead of Delfin’s final investment decision.
“As global LNG demand continues to grow, approvals for major offshore gas production facilities are increasing,” said Choi Sung-an, Samsung Heavy Industries’ chief executive. “We plan to secure one to two FLNG orders each year, based on our construction capabilities.”
Ashley Song (ashley@koreabizwire.com)
