S&SYS Secures LNG Orders, Expands Market Presence Post-Samsung Spin-off
S&SYS has secured orders for high-voltage switchboards for seven LNG carriers from Hanwha Ocean, marking a significant step in its independent operations since the 2017 spin-off from Samsung Heavy Industries. The company is diversifying its client base and aims to enhance its presence in China's shipbuilding market while also targeting maintenance, repair, and overhaul revenue streams.
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S&SYS has won orders for high-voltage switchboards for seven LNG carriers being built by Hanwha Ocean, marking a significant achievement since its spin-off from Samsung Heavy Industries in 2017. The company’s order backlog has reached 264 billion won, with operating profit increasing from 900 million won in its first year to 17.7 billion won last year.
S&SYS plans to establish a production plant in Nantong, China, to cater to the burgeoning shipbuilding market, which is ten times the size of Korea's. The company has also diversified its client base, reducing reliance on Samsung Heavy Industries from over 50% to approximately 40%.
Its strategy includes expanding into MRO for recurring revenue and supplying switchboards for onshore power grids. The growth targets include reaching 500 billion won in sales and 60 billion won in net profit by 2030.
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