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Samsung Heavy Industries

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Samsung Heavy Industries
Company typePublic
KRX: 010140
IndustryHeavy equipment
FoundedAugust 5, 1974; 50 years ago (1974-08-05)
HeadquartersSamsung Town, Seoul, South Korea
Key people
Dae-young Park : Vice Chairman and CEO
ProductsShipbuilding, Offshore plant, Wind power, Electric power & control systems and Engineering & Infrastructure
RevenueIncrease US$ 12.7 billion (2012)[1]
Increase US$ 0.7 billion (2012)[1]
Total assetsIncrease US$ 14.6 billion (2012)[1]
Total equityIncrease US$ 4.6 billion (2012)[1]
OwnerSamsung Electronics 17.62%
National Pension Service 5.04%
Korea Investment and Securities 5.00% (as of 18 July 2011)[2]
Number of employees
12,481[3] (March 2009)
ParentSamsung
WebsiteSamsung Heavy Industries
Main article: Samsung

Samsung Heavy Industries or SHI (Korean: 삼성중공업) is one of the largest shipbuilders in the world and one of the "Big Three" shipbuilders of South Korea. A core subsidiary of the Samsung Group, South Korea's largest conglomerate, SHI's main focus is on constructing ships, offshore floaters, gantry cranes, digital devices for ships, and other construction and engineering concerns.

SHI operates manufacturing facilities at home and abroad, including ship block fabrication factories in Ningbo and Rongcheng, China. The Geoje Shipyard in particular, SHI's largest shipyard in South Korea, boasts the highest dock turnover rate in the world. The largest of the three docks, Dock No. 3, is 640 meters long, 97.5 meters wide, and 13 meters deep. Mostly ultra-large ships are built at this dock, having the world's highest production efficiency with yearly dock turnover rate of 10 and the launch of 30 ships per year.[4]

SHI specializes in the building of high added-value and special purpose vessels, including LNG carriers, off-shore related vessels, oil drilling ships, FPSO/FSO's, ultra Large container ships and Arctic shuttle tankers. In recent times SHI has concentrated on LNG tankers and drillships.

History

Samsung Heavy Industries was established in 1974, when the company's Changwon plant was opened. SHI soon purchased Woojin, followed by the construction of Geoje shipbuilding facilities and merger with Daesung Heavy Industries.

Samsung Shipbuilding and Daesung Heavy Industries were merged under Samsung Heavy Industries in 1983. Since then, it has put efforts in the introduction of new technologies and development of products, while expanding the business area into heavy equipment and construction.

Since the 21st century, SHI began to build LNG and large passenger ships in earnest, and exported shipbuilding technologies to the United States. Samsung Heavy Industries decided to advance into the cruise ship market, the last remaining stronghold of EU shipbuilders. The company stated entering the undertaking was necessary to maintain its number one position in the global shipbuilding market.[5] In 2009, SHI was contracted to build a new residential cruise ship named Utopia, which will be the largest passenger ship ever assembled in Asia. The ship will test the waters by 2016.[6]

See also

References

  1. ^ a b c d "Samsung Heavy Industries (010140:Korean Stock Exchange)". businessweek.com. Retrieved 9 July 2013.
  2. ^ "Daum stock data: Samsung Heavy Industries" (in Korean). Daum.net. Retrieved 18 July 2011.
  3. ^ Welcome to Samsung Heavy Industries
  4. ^ 삼성중공업홈페이지
  5. ^ "SHI Opens an Era of Cruise Shipbuilding in Korea". Samsung Heavy Industries. 2 December 2009. Retrieved 11 January 2015.
  6. ^ "A Cruise That Never Ends". Forbes. 1 December 2009. Archived from the original on 18 September 2012. Retrieved 1 March 2010.
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