- Delfin FLNG signing ceremony held on July 9 brings together senior officials from the Korean and U.S. governments as well as top-tier global partners

- First-ever final investment decision (FID) for an FLNG project in the United States, signaling the expansion of FLNG developments across North America

- Follow-on orders for Delfin FLNG Units 2 and 3 gain momentum, improving prospects for additional contracts

Samsung Heavy Industries (SHI) announced on June 10 that it held a contract signing ceremony for the Delfin FLNG project, which is set to serve as a cornerstone of the first offshore LNG exports in the United States.

Held in Washington, D.C. on June 9 (local time), the ceremony officially marked the launch of the construction of Delfin FLNG Unit 1, an approximately USD 2.9 billion (KRW 4.3 trillion) project disclosed by Samsung Heavy Industries on June 2. It also commemorated the successful completion of the final investment decision (FID) for the first offshore FLNG project in U.S. history.

Starting with the Delfin FLNG project, offshore FLNG projects in the United States are expected to expand in earnest, and this is expected to play a positive role in Samsung Heavy Industries` medium- to long-term revenue growth, given its unrivaled competitiveness in the FLNG sector.

In addition, SHI is currently engaged in contract negotiations with Delfin for Units 2 and 3, which Delfin plans to develop sequentially. Given the strong likelihood of securing additional orders, the company is expected to play a leading role in establishing the LNG value chain in North America while further strengthening its position in the market.

The ceremony was attended by Sung-an Choi, Vice Chairman and CEO of Samsung Heavy Industries; along with Dudley Poston, CEO of Delfin Midstream; Jason Kalisman, CEO of Talisman Group; James Berner, Global Infrastructure Partner at BlackRock; Takeshi Hashimoto, CEO of MOL; and Carlos Wheelock, Head of LNG Americas at Vitol Group, as well as executives from the world`s lead ing asset managers and global shipping and energy companies.

Government officials from both countries also attended the event, including Kyle Haustveit, Assistant Secretary at the U.S. Department of Energy (DOE); Steve Carmel, Administrator of the U.S. Maritime Administration (MARAD); and Kyung-wha Kang, Ambassador of South Korea to the United States, underscoring the significance of the project as a new milestone in energy cooperation between Korea and the United States.

“At the Delfin FLNG signing ceremony, top-tier global partners came together to demonstrate their strong confidence in Samsung Heavy Industries` FLNG technology and project execution capabilities,” said Sung-an Choi, Vice Chairman and CEO of Samsung Heavy Industries. “We will continue to prove our capabilities through world-class quality and unwavering commitment to on-time delivery.”