Shell cancels $4.6bn FLNG contract with Samsung

Three floating units due by 2023 axed due to worsening market conditions, shipyard says.
Samsung Heavy Industries Co., the world’s third-largest shipbuilder, said an order to build three floating LNG production facilities was canceled after the energy development project was scrapped amid a plunge in oil prices.
The contract, valued at 5.27 trillion won ($4.6 billion), from Royal Dutch Shell was voided because of the current difficult market conditions, the Sungnam, South Korea-based company said in a regulatory filing last week.
Samsung Heavy Industries won the deal in June on the condition that the project will start only after the client is ready to proceed.
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