# Who are Samsung Heavy Industries's customers? Who does Samsung Heavy Industries earn revenue from?
Canonical: https://valuechain.wiki/samsung-heavy-industries · Facet: customers · Updated: 2026-07-12T04:00:25.026+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Samsung Heavy Industries discloses no named confirmed revenue counterparties; 5 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 5 revenue edges, backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).

### Zvezda 조선소 (러시아, 2025 계약 대량 해지) (high)
- metric: contract 4,800,000,000,000원 · 2025 해지 규모 · 10 LNG + 7 shuttle tankers
- note: Contracts with Russia's Zvezda yard were largely terminated in 2025 (sanctions-driven): a March 2025 unilateral cancellation notice caused a KRW 600bn derivative valuation loss; June 2025 saw 10 LNG carriers (KRW 2.8tn) and 7 shuttle tankers (KRW 2.0tn) cancelled. Recorded as a wound-down relationship.
- [contradicts] FSS DART (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001037: "March 2025 Zvezda unilateral cancellation (KRW 600bn loss); June 2025 cancellations of 10 LNG carriers (KRW 2.8tn) and 7 shuttle tankers (KRW 2.0tn)."

### 글로벌 선주 (LNG선·컨테이너선·탱커) (high)
- metric: contract 284,900,000,000원 · 유조선 2척(2026.7 공시) · DART supply-contract filing
- note: Sells directly to shipowners (milestone payments) for LNG carriers, mega boxships and tankers. A July 2026 disclosure: 2 tankers at KRW 284.9bn (a Bermuda-region owner, 2.7% of revenue, delivery 2026-07 to 2029-05). QatarEnergy's 128-carrier LNG program anchors demand; the LNG mix is guided from 45% (2024) to 65% (2026).
- [confirms] FSS DART (KO, filing, published 2026-07-08) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260708800164: "Contract '2 tankers', KRW 284.9bn, 2.7% of the KRW 10.65tn recent revenue, counterparty 'a Bermuda-region owner', term 2026-07-07 to 2029-05-15."
- [confirms] Mirae Asset Securities (KO, research, published 2026-05-04) https://securities.miraeasset.com/bbs/download/2132249.pdf: "LNG carrier mix rising 45% (2024) to 65% (2026), newbuild prices +11%/yr; 2025 revenue KRW 11.35tn (+15.4%), OP KRW 782.5bn (+64.1%)."
- [mentions] Nikkei Asia (EN, news, published 2025-06-01) https://asia.nikkei.com/business/transportation/shipping-shipbuilding: "QatarEnergy's 128-vessel LNG program drives Korean orders."

### 카타르에너지·글로벌 선주 (LNG선·FLNG) (high)
- metric: Amount $9.8B · 2025 수주 목표
- note: An LNG carrier and FLNG leader building 174,000cbm ships for QatarEnergy's mega program (128 vessels total); 2025 order target $9.8B; also won a US Navy NGLS concept-design contract.
- [confirms] Finance Scope (KO, news, published 2025-02-21) https://www.finance-scope.com/article/view/scp202502210012: "Samsung Heavy's $9.8B 2025 order target; QatarEnergy LNG carriers (128 total)."

### 오일메이저 (FLNG·해양생산설비) (high)
- metric: Count 5기 (신조 7기 중) · FLNG 세계 1위 · DS Securities
- note: Sells directly to oil majors (progress payments) for FLNG and offshore plants; world No.1 with 5 of 7 FLNG newbuilds. Backlog holds 2 FLNG units (~$2.3B / KRW 3.2tn each, 10-15% OP margin). A 2026 disclosure: 1 offshore production unit (a North America-region owner, NTP-conditional).
- [confirms] FSS DART (KO, filing, published 2026-06-02) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260602800254: "Contract '1 offshore production unit', counterparty 'a North America-region owner', conditional on the owner's Notice To Proceed."
- [confirms] DS Investment & Securities (KO, research, published 2026-04-20) https://www.ds-sec.co.kr/bbs/board.php?bo_table=sub03_02&wr_id=2277: "World No.1 with 5 of 7 FLNG newbuilds; backlog 2 FLNG at $2.3B each, 10-15% margin; 2026 OP est. KRW 1.3tn, TP 42,000."

### 미 해군 (차세대 군수지원함 NGLS 개념설계) (mid)
- note: Won a US Navy next-gen logistics ship (NGLS) concept-design contract alongside Hanwha's US defense arm - a beachhead into US naval work beyond MRO.
- [mentions] Nikkei Asia (EN, news, published 2025-06-01) https://asia.nikkei.com/business/transportation/shipping-shipbuilding: "Korean yards expand into US naval programs."

Reverse side: https://valuechain.wiki/samsung-heavy-industries/suppliers.md · Ripple: https://valuechain.wiki/samsung-heavy-industries/ripple.md

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