Pause operations: company temporarily curtailing operations while keeping return options open

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Daewoo Shipbuilding & Marine Engineering Co., Ltd is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung.

 

Pause operations: company temporarily curtailing operations while keeping return options open

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Glob.Revenue, mln.USD
3762

NOVATEK may not receive six LNG tankers this year from the Korean shipyard Hanwha Ocean, which were intended to export gas from the Arctic LNG-2 project. Three gas carriers are now unavailable because their customers, Sovcomflot structures, fell under direct US sanctions on February 23, 2024.

The Company Statement
November 28, 2022

Daewoo Shipbuilding & Marine Engineering (DSME) has notified the cancellation of the contracts on all three LNG carriers awarded by a Russian client two years ago. The Russian client failed to make payments for the ships on time, amid sanctions by the international community against Russia for the prolonged invasion of Ukraine.

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Statements Archive
February 28, 2024NOVATEK's Arctic LNG 2 project may not receive six tankers from South Korea in 2024
July 04, 2022DSME cancels second LNG carrier order tied to Russia’s Sovcomflot
June 27, 2022South Korean DSME Cancels Contract for Novatek Arctic LNG Carriers
May 19, 2022Daewoo Shipbuilding Cancels LNG Carrier Order Linked to Sovcomflot
May 14, 2022Russian LNG project develops NSR (Start)
March 28, 2022Korean shipbuilders bracing for fallout from Russia war
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