Samsung Heavy strives to achieve its targets with labor-management cooperation

- On 11, Joon Ou Nam, CEO of SHI, and Il-nam Kang, Labor Association president, met with executives of MISC and an ExxonMobil subsidiary in Malaysia to ensure safety and the highest quality LNGCs.

- SHI has achieved 69% of its annual target by pursuing business activities based on stable labor-management relations.

□ Labor and management of Samsung Heavy Industries have joined forces in order to secure additional contracts by engaging in overseas sales together to gain trust from clients.

On 12, SHI announced that in Malaysia, Joon Ou Nam, CEO of the company, and Il-nam Kang, Labor Association president, had met with executives of MISC Berhad (MISC), a global provider of energy related maritime solutions and services, and an ExxonMobil subsidiary who is a charterer of LNGCs. The meeting was held to provide Samsung Heavy with an opportunity to express its gratitude and ensure safety and quality.

□ In October, SHI clinched a deal to build two 174,000-cbm LNGCs with the latest specifications, which will be chartered by the ExxonMobil subsidiary to transport its global LNG production for 15 years.

□ "I extend my sincere gratitude to you for trusting SHI and giving us an opportunity to dedicate to your project. In return, our labor and management will make sure to build vessels with excellence in both quality and safety," said Kang, who met the management of the two companies.

"It was opportune to assure the ship owver and the charterer of the excellent quality of our ships. We expect this would positively affect our early engagement activities in the project as well," said an official of Samsung.

□ Meanwhile, Samsung Heavy has committed to business activities based upon stable labor-management relations, becoming the first shipyard to have concluded wage negotiations among the nations''s top three shipbuilders like last year.

SHI''s year-to-date contract wins stand at $5.4 billion with 37 vessels in total, which meets 69% of its annual target of $7.8 billion. According to Clarksons Research, Samsung Heavy is a shipbuilder with the largest orderbook among global shipyards for three months in a row with 5.19 million CGT.