Samsung Heavy Industries

Samsung Heavy Industries Co., Ltd. (Korean: 삼성중공업) is one of the largest shipbuilders in the world and one of the "Big Three" shipbuilders of South Korea (including Hyundai and Daewoo). Geoje (in Gyeongsangnam-do) is one of the largest shipyards in the world, having 3 dry docks and 5 floating docks. A core subsidiary of the Samsung Group, South Korea's largest conglomerate, SHI's main focus is on the engineering, procurement, construction, commissioning and the delivery of: transportation ships for the commercial industry, topsides modules, drilling and floating production units for the oil and gas sector, gantry cranes for fabrication yards, digital instrumentation and control devices for ships, and other construction and engineering services.

Samsung Heavy Industries Co., Ltd.
Native name
삼성중공업 (三星重工業)
TypePublic
KRX: 010140
IndustryEngineering
Naval engineering
Shipbuilding
Founded5 August 1974 (1974-08-05)
HeadquartersSamsung Town, Seoul, South Korea
Key people
Joon Ou Nam : President and CEO
ProductsShips, offshore platforms, wind power, electric power & control systems and engineering & infrastructure
RevenueUS$ 8.58 billion (2015)[1]
US$ (1.06) billion (2015)[1]
Total assetsUS$ 14.8 billion (2015)[1]
Total equityUS$ 3.6 billion (2015)[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
11,897[3] (December 2016)
ParentSamsung
Websitewww.shi.samsung.co.kr/eng/

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 metres (2,100 ft) long, 97.5 metres (320 ft) wide, and 13 metres (43 ft) 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]

Vehicle production

Starting in the late 1980s, SHI produced forklifts and heavy equipment (mainly excavators) at Changwon.[7][8] The forklift production was established through agreements with Clark Material Handling Company (production started in 1986) and the heavy equipment production came from the construction equipment division of Korea's Heavy Industries and Construction, acquired by Samsung in 1983 (SHI began manufacturing heavy equipment in 1987).[7][9] Truck production was added in May 1993.[10] The company also assembled electric car prototypes.[11] The truck production business was spun off in 1996 as a separate company called Samsung Commercial Vehicles.[12][13][14] The forklift and heavy equipment businesses were sold off in 1998.[7][8]

Wind Turbine Manufacture

Samsung Heavy Industries has been involved in wind turbine manufacture including the S7.0-171 turbine, which in 2013 was the world's largest wind turbine.[15][16] It is still one of the most powerful turbines on Earth.

See also

References
  1. "Samsung Heavy Industries Co., Ltd". Nikkei Asian Review.
  2. "Daum stock data: Samsung Heavy Industries" (in Korean). Daum.net. Retrieved 18 July 2011.
  3. "Welcome to Samsung Heavy Industries".
  4. "::: Samsung Heavy Industries". www.shi.samsung.co.kr.
  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.
  7. "Construction Equipment Division of Samsung Heavy Industries Signs Letters of Intent with Volvo Construction Equipment and Clark Material Handling". Samsung. 19 February 1998. Archived from the original on 11 June 2016.
  8. Yun, Mikyung (2003). "Foreign Direct Investment after the Crisis". In Haggard, Stephan; Lim, Wonhyuk; Kim, Euysung (eds.). Economic Crisis and Corporate Restructuring in Korea: Reforming the Chaebol. Cambridge University Press. p. 255. ISBN 978-0-521-82363-0.
  9. Kwon, Ki-Yul. "A study on cross-border M&A and FDI policy in Korea". kdevelopedia.org. p. 33. Retrieved 9 October 2017.
  10. "Annual Report 1996" (PDF). Samsung. p. 59. Archived (PDF) from the original on 3 April 2015.
  11. Gadacz, Oles (20 June 1994). "Samsung introduces its 1st car an electric". Automotive News. Retrieved 11 June 2016.
  12. ルノーは日産ディーゼルをこうする!? ---サムソン商用車の末路 [Will Renault do the same with Nissan Diesel!? Samsung Commercial Vehicles ends] (in Japanese). Response.jp. 12 December 2000. Archived from the original on 19 April 2016. Retrieved 8 June 2016.
  13. Whitby, David R. (1999). "Automotive Trends in Asia". In Rudnick, Leslie R.; Shubkin, Ronald L. (eds.). Synthetic Lubricants And High-Performance Functional Fluids, Revised And Expanded. CRC Press. p. 730. ISBN 978-0-8247-0194-9.
  14. Hong, Gweon-sam (24 November 2000). "Truck Firm Files For Bankruptcy". koreajoongangdaily.joins.com. JoongAng Ilbo. Archived from the original on 17 December 2014. Retrieved 15 September 2016.
  15. "Securing the World's Largest Wind Turbine". Retrieved 22 September 2018.
  16. "The world's 10 biggest wind turbines". January 2014. Retrieved 22 September 2018.
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