Samsung Heavy Industries (SHI) has signed a memorandum of understanding (MoU) with Qatar Shipyard Technology Solutions (QSTS), a Qatari state-owned shipyard, as part of its efforts to expand its global business into the Middle East.
Located in eastern Qatar, QSTS is a subsidiary of major LNG shipping company Nakilat, with a track record of repairing more than 2,000 vessels, including LNG carriers. Through the MoU, SHI and QSTS will initially pursue cooperation in retrofit and after-market services.
SHI and QSTS plan to collaborate on projects involving developing eco-friendly equipment such as decarbonisation solutions, energy-saving systems, and onboard carbon capture systems; digital solution upgrades; as well as to review cooperation in small offshore projects and the construction of special-purpose vessels.
Amid growing demand in the Middle East for the conversion to eco-friendly vessels and expanding offshore development projects, SHI expects to actively respond to regional business opportunities by leveraging QSTS’s facilities and network. The company plans to gradually define specific business items going forward.
SHI EVP Geum-sung Namgoong said: “Samsung Heavy Industries` business cooperation with QSTS will serve as an important milestone in Samsung Heavy Industries` global business expansion. Through proactive global engagement, we will further strengthen our business competitiveness.”
Image: Qatar Shipyard (credit: QSTS)
