Samsung Heavy Industries, Equinor Sign Strategic Collaboration Deal

Samsung Heavy Industries (SHI) has signed a "Strategic Collaboration Agreement" with Equinor, Norway's largest energy company, to strengthen its competitiveness in the offshore EPC business.

According to SHI, the two companies have recognized that a longer-term and closer collaboration on the future project portfolio could be mutually beneficial for Equinor's future projects requiring "Asian Solutions" over the next five years and will form a Collaboration Board to share opinions on mid-to long-term business strategies and expand cooperation.

Based in Norway, Equinor is an international energy company headquartered in Norway, developing both offshore oil fields and offshore wind farms. Aparf from its offshore wind projects in the UK, the US, and in the Baltic Sea, Equinor is also seeking to expand its presence in South Korea, including participation in the East Sea floating offshore wind power project.

Mette H. Ottøy, chief procurement officer at Equinor, said:"SHI is a highly reliable partner which has successfully carried out various offshore fabrication and engineering, procurement and construction projects in close collaboration with Equinor. This agreement helps lay the groundwork for future offshore energy development projects in a stable way. The agreement covers oil and gas, offshore wind, and potentially low-carbon solutions when Asian yard capacity is preferred."We will build on the experience from oil and gas while extending our offshore wind portfolio and accelerate the energy transition together with Samsung."

"This is the first time that we have formed a strategic partnership with a global energy company," said S.I. Oh, Executive Vice President and Chief Marketing Officer at SHI, "We will deepen our cooperation, encompassing Equinor's new projects."

The two companies have collaborated since 2002, when SHI won a contract to build a semi-sub hull for the Kristin project.