South Korea-based Daewoo Shipbuilding & Engineering (DSME) has secured two LNG-Barge (liquefied natural gas storage and transhipment facilities) orders worth KRW 109bn ($90m) from ship owners in Russia.

LNG-Barge is an LNG terminal floating in the sea that can receive and store LNG from an icebreaking LNG carrier at sea and then unload it into a regular LNG carrier.

DSME said that the ships are estimated to depart the installation area by the end of 2022.

The contract also includes 2 other additional options and the additional orders, which are expected  to receive in the future.

LNG-Barge to be installed in the Murmansk and Kamchatka regions

To serve as a stopover, the facility will be installed in the Murmansk and Kamchatka regions of Russia in the future.

With the installation of the new facility, the supply of the LNG that is produced in the Arctic Ocean to Europe and Asia is expected to be much faster.

Additionally, the operation cost of transporting LNG carriers is also expected to be significantly lowered.

Daewoo Shipbuilding & Marine Engineering official said: “This order has proved Daewoo Shipbuilding and Marine Engineering’s overwhelming technological capabilities once again to the market.

“In the wake of the corona 19, some of the large-scale projects are being delayed, so this order secures a stable sense of work. This will be a great help.”

The firm said that the new contract helps it in completing a full line-up of LNG-related facilities that include LNG carriers, ice-breaking LNG carriers, LNG-RV, LNG-FSRU, LNG-FSU, and LNG-FPSO.

Recently, DSME has delivered  a new LNG carrier, named Global Energy, to Qatar-based LNG transport company Nakilat.

The ship is the first of four new build LNG carriers to be delivered to Nakilat-Maran Ventures joint venture (JV).