Samsung Heavy Industries Expands Middle East Business...Signs MOU with Qatar State-Owned Shipyard

Signs MOU with Qatar state-owned shipyard QSTS
Cooperation in conversion and after-market sectors

Samsung Heavy Industries announced on the 4th that it signed a business cooperation memorandum of understanding (MOU) with Qatar Shipyard Technology Solutions (QSTS), a state-owned shipyard in Qatar, at "LNG 2026" being held in Doha, Qatar, to expand its global business in the Middle East.

A view of the Qatar shipyard (QSTS). Provided by Samsung Heavy Industries.

Located in eastern Qatar, QSTS is a subsidiary of Nakilat, Qatar's state-owned shipping company and the world's largest LNG carrier operator. The shipyard has a track record of repairing about 2,000 vessels to date, including LNG carriers.

Through this MOU, Samsung Heavy Industries and QSTS will first pursue cooperation in the conversion and after-market (AM) sectors. The two companies plan to focus on cooperation in conversion projects in the following areas: ▲ decarbonization and energy-saving facilities

▲ eco-friendly facilities such as carbon capture, utilization and storage (CCUS) systems on board ships ▲ digital solutions. In addition, they will review cooperation on newbuilding projects for small offshore projects and special-purpose vessels.

Samsung Heavy Industries expects that, in line with the growing demand for conversion to eco-friendly vessels and the expansion of offshore development projects in the Middle East, it will be able to respond more actively to business opportunities in the region by leveraging QSTS's facilities and local network. The company plans to finalize specific cooperative business items step by step going forward.

At this "LNG 2026," Vice Chairman and CEO Choi Sung-an of Samsung Heavy Industries and other members of the management team attended and discussed business cooperation plans with global energy companies such as QatarEnergy LNG and ExxonMobil.

Namkoong Keumseong, Executive Vice President and Head of the Samsung Heavy Industries shipyard, said, "Business cooperation with QSTS will serve as an important milestone in expanding Samsung Heavy Industries' global business," adding, "We will further strengthen our business competitiveness by proactively driving global business expansion."