Samsung Heavy Industries to Build White Rose FPSO

Samsung Heavy Industries has won a $140 million vessel order from Husky Oil Operations Ltd. The South Korean shipbuilder will supply Husky Oil with a 133,000-ton floating production storage and offloading vessel to be used at the White Rose oil field off the east coast of Newfoundland by the fourth quarter of 2004. Samsung said it plans to raise the proportion of orders for drilling rigs and other production vessels to 30 percent of its total by 2005.

Last year, Samsung saw sales rise to 4.11 trillion won from 3.58 trillion won in 2000 on the back of new shipbuilding orders. The company turned to a profit of 55 billion won from a 225.2 billion won loss in 2000.