Thu, Jul. 21, 11:44 AM
- Samsung Heavy Industries (OTC:SMSHF) says it expects to receive an order this year from Eni (NYSE:E) to build a floating liquefied natural gas platform to process huge gas reserves in Mozambique, a sign a long-delayed project is moving ahead.
- Samsung Heavy is in exclusive talks with Eni as part of a consortium with France's Technip and Japan's JGC in a project worth ~$5.4B; Samsung's share would be worth $2.5B.
- Samsung's statement appears to open the door for Eni to make its final investment decision this year, which analysts say would make Anadarko Petroleum's (NYSE:APC) plans for a vast onshore development more likely to proceed.
Sep. 17, 2015, 8:45 AM
- Samsung Heavy Industries (OTC:SMSHF) and Samsung Engineering have confirmed that they have no current plans to merge with each other.
- Stocks of both firms went flying yesterday after Samsung Heavy CEO Park Dae-young stated the two firms should eventually combine for long-term synergy.
- Samsung Heavy's 2014 takeover attempt of Samsung Engineering failed due to shareholder opposition.
Jun. 30, 2015, 9:19 AM
- Statoil (NYSE:STO) awards Samsung Heavy Industries (OTC:SMSHF) a NOK7B ($888M) contract to build two platform decks for its giant Johan Sverdrup development in the North Sea.
- STO says 65% of Johan Sverdrup equipment contracts so far have been awarded to suppliers with Norwegian billing addresses.
- The total investment costs for phase one of the Johan Sverdrup development are estimated at NOK117B and include installing the accommodation, processing, drilling and riser platforms as well as three subsea templates; production is expected towards the end of 2019.
- Earlier: First steel cut for Johan Sverdrup platform, Statoil says (Jun 29)
May 15, 2015, 4:59 AM
- Samsung Group appears to be in the final stages of its succession process, with the conglomerate saying that heir apparent Jay Y Lee will become chairman of two key foundations, Samsung Life Public Welfare Foundation and Samsung Foundation of Culture.
- The entities own shares in Samsung Life Insurance Co and enable the Lee family to control the group despite a relatively small stake.
- Lee, who is vice chairman of flagship company Samsung Electronics (OTC:SSNLF), will take over from his father Lee Kun-hee, who has been hospitalized for a over a year after suffering a heart attack, at the foundations.
- The younger Lee is eventually expected to succeed his father as Chairman of the whole group.
Nov. 26, 2014, 2:37 AM
- Just a day after it was revealed that Samsung Electronics (OTC:SSNLF, OTC:SSNGY) is planning a major management shake-up next month, Samsung has announced that it will sell controlling stakes in its chemical and defense units for 1.9T won ($1.7B).
- Samsung affiliates, including Samsung Electronics, will sell a combined 57.6% stake in Samsung General Chemicals and a 32.4% stake in Samsung Techwin to Korean conglomerate Hanwha Group.
- Update: Samsung will buy back shares valued at 2.19T won ($2B) following the sale.
Nov. 19, 2014, 6:20 AM
- Samsung Heavy Industries (OTC:SMSHF) and Samsung Engineering have scrapped plans to merge after facing a large bill to buy back shares from shareholders opposed to the deal. The merger had been valued at 2.5T won ($2.3B).
- Samsung Heavy says it will now seek other ways to find synergies with Samsung Engineering in offshore plant construction and expanding its global market presence.
- Previously: Samsung continues group-wide restructuring
Sep. 1, 2014, 6:12 AM
- In another round of Samsung restructuring, Samsung Heavy Industries (OTC:SMSHF) will absorb Samsung Engineering in a 2.5T won ($2.5B) deal.
- Under the terms of the transaction, Samsung Heavy will issue around 94M new shares to Samsung Engineering shareholders at 26,972 won per share.
- Samsung's restructuring has accelerated since the May hospitalization of the group's chairman Lee Kun-hee, and has sparked investor speculation to the group's succession.
Currently, there's no company description for SMSHF.
Sector: Industrial Goods
Industry: Industrial Equipment & Components