Samsung Heavy Industries Signs Geoje Shipyard Investment Pact for 2029 Completion

Samsung Heavy Industries will build a shipyard for advanced high-value-added vessels and offshore infrastructure at its Geoje complex by 2029 under a 10 trillion won ($7 billion) investment plan. The city of Geoje said on October 20 that it signed an investment agreement with South Gyeongsang Province and Samsung Heavy Industries at the 2026 South Gyeongsang Province Investment Promotion Session held at the Westin Josun Seoul, according to EIN Presswire.

Samsung Heavy's Geoje Shipyard Agreement

The agreement covers construction of the shipyard and additional hiring. It is linked to an investment plan Samsung Group unveiled on July 3 at a public briefing on the advanced industry development vision for the Yeongnam region. At the time, Samsung Group said it would invest 10 trillion won in Samsung Heavy Industries' Geoje complex to build a shipyard for advanced high-value-added vessels and offshore infrastructure.

Under the agreement, Samsung Heavy Industries will complete the shipyard at the Geoje complex by 2029 and hire additional workers as the project proceeds. Geoje and South Gyeongsang Province will set up a cooperation framework and provide administrative and financial support, including permits and licenses, within the scope allowed by relevant laws. The parties agreed to work together to strengthen the competitiveness of the shipbuilding and offshore industry, the region's main industry, and to revitalize the local economy.

"This investment agreement is an important turning point in which the large-scale investment plan announced by Samsung Heavy Industries in July moves into a concrete execution phase," Geoje Mayor Byun Kwang-yong said. "We will actively support the company's investment so that it leads to a more vibrant local economy and quality jobs, and we will do our best to help Geoje further strengthen its competitiveness as a core hub of South Korea's shipbuilding and offshore industry."

Samsung Heavy's Order Targets and Alliances

Samsung Heavy Industries is a South Korean shipbuilder and offshore engineering company serving global energy majors and shipping firms; it constructs LNG carriers, FLNG vessels, FSRUs, and commercial ships, and is pioneering offshore floating data centers for AI compute infrastructure, according to akta.pro company records. The same records show a 2026 annual order target of $13.9 billion, with 16 vessels worth approximately $3.1 billion secured as of April 2026, about 22% of the target. In June 2026, the company joined the Korea-U.S. $150 billion shipbuilding investment alliance alongside HD Hyundai and Hanwha Ocean, coordinated by Korea Eximbank, KDB, K-SURE and the Korea-U.S. Strategic Investment Corp., supporting the MASGA initiative for U.S. market entry.

Samsung Heavy's Recent Order and Labor Milestones

Samsung Heavy Industries won a 307.4 billion won order, The future of trading reported in September 2026. The company reached a wage deal with its union, becoming the first of Korea's three major shipbuilders to settle this year's negotiations, Businesskorea reported in September 2026; base pay rises 5.2% (131,786 won) and a 7 million won incentive is included, after a 58.78% union vote. GasEntec and Samsung Heavy Industries signed an MOU to license SHI's SENSE liquefaction technology for small-scale LNG applications below 1 million tons per annum, FinancialContent Business Page reported in September 2026.

What Comes Next for the Geoje Project

Samsung Heavy Industries will complete the shipyard at the Geoje complex by 2029, with additional hiring as the project proceeds, under the agreement signed on October 20.