HHI Signs LNG Cargo Pump Deal

Hyundai Heavy Industries Co., Ltd. (HHI) signed a technical agreement for a cargo pump for LNG carriers with Carter Cryogenics of the U.S.

The agreement was signed by Choi Weon-gil, COO of HHI¡¯s Engine & Machinery Division, and Mr. Lance A. Schroeder, vice president of Carter Cryogenics.

The LNG carrier's cargo pump is a cryogenic pump at the bottom of containment tanks used to load and unload liquefied natural gas at -163oC. There are eight to ten pumps equipped on each LNG carrier.

Under the technical agreement with Carter Cryogenics HHI will manufacture and market the pumps with plans to localize cargo pump production through the technical development and transfer of technology from Carter Cryogenics in early 2008.

By localizing pump production, rather than importing them, HHI expects to save $1.5 million per LNG carrier and improve the competitive pricing. At full capacity HHI estimates over $15 million in total sales of this type of pump.