4 April 2019 at 10:30 AM E. Europe Standard Time
The Joint Development Project was signed by Jin-Taek Jung; Executive Vice President, Engineering & Procurement Operations, SHI and Timo Koponen; Vice President, Processing Solutions, Wärtsilä Marine.
The technology group Wärtsilä and Samsung Heavy Industries (SHI) have signed a Joint Development Project (JDP) agreement aimed at establishing a more efficient solution for LNG Carrier and Shuttle Tanker vessels. Overall cost optimisation, including both CAPEX and OPEX, is among the project aims. The agreement was signed on 3 April at the LNG19 exhibition in Shanghai.
The JDP will build on the sharing of knowledge and experience between SHI and Wärtsilä, a company with unique single-source supplier credentials. It is expected that the agreement, which provides a level of equality that is greater than in normal shipyard/supplier relationships, will benefit both parties and the industry as a whole, since it gives valuable opportunities for important co-creation.
“At Wärtsilä we are committed to creating greater efficiencies, better environmental sustainability, and improved safety for our customers. The joint development with SHI will support this commitment. SHI is a major high-tech, high-value shipbuilder with a number one newbuilding share in various vessel markets. We are, therefore, delighted to be partnering with them in a project that will ultimately benefit owners and operators around the world,” says Timo Koponen, Vice President, Processing Solutions, Wärtsilä Marine.
“We look forward to working with Wärtsilä to co-develop LNG Carriers and Shuttle Tankers with improved efficiency. We are both market leaders in our spheres, and this joint development underscores the mutual respect and appreciation that we have for each other’s knowledge and experience,” says Jin-Taek Jung, Executive Vice President, Engineering & Procurement Operations, SHI.
An important driver for the JDP is the strong LNG carrier newbuilding market. There are potentially dozens of new vessels to be ordered for transporting increasing volumes of LNG from both new and extended export LNG terminals in Africa, Australia, Middle East and USA.
Image caption: The Joint Development Project was signed by Jin-Taek Jung; Executive Vice President, Engineering & Procurement Operations, SHI and Timo Koponen; Vice President, Processing Solutions, Wärtsilä Marine.
Date: Apr 4, 2019