OCTOBER 11, 2013 — Malaysia's national oil company Petronas has ordered four 150,000 cu.m Moss type LNG carriers from Hyundai Heavy Industries (HHI), the world's largest shipbuilder. The contract, signed yesterday in Seoul, South Korea, includes options for four more ships and is worth $850 million.

Signing Ceremony: Mr. Lee Jai-seong, President & CEO of Hyundai Heavy Industries (left), Mr. Tan Sri Dato' Shamsul Azhar Abbas, CEO and President of Petronas

The first four ships are set for deliveries commencing in second half 2016.

Petronas says the ships have been ordered to help meet the expanding needs and requirements of its global LNG business and that MISC Berhad will act as its Project Manager and Technical Consultant for the construction of the ships.

The tankers will be constructed with four independent self-supporting spherical tanks that, says HHI, "have more reliable performance when loading and unloading cargo, and have greater resistance to sloshing forces compared to membrane tank system." The shipbuilder says Moss type LNG carriers are the preferred choice for offshore storage work where harsh sea conditions are a significant factor.

Mr. Ka Sam-hyun, executive vice president of Hyundai Heavy's Shipbuilding Division said, "We see this order as the first of many for LNG carriers as regulations for carbon dioxide emission tighten and demand for LNG increases as an alternative energy source."

Hyundai Heavy is the only Korean shipbuilder licensed to build Moss type LNG carriers and has built 15 Moss type LNG carriers since 1994.

Moss type LNG Carrier delivered by Hyundai Heavy in 2000