Samsung Heavy Industries and Hyundai Heavy Industries have won a total of six LNG carriers from Nigerian state-run LNG developer, Nigeria LNG (NLNG). Each of  the Korean shipbuilders booked four and two vessels, respectively. The newbuildings are said to cost almost $1.3bn, in total.
Particularly, the deal could be effective, backed by ship finances provided from the Korea Trade Insurance Corporation (K-sure), the Export and Import Bank of Korea (KEXIM) and the Korea Finance Corporation, etc.
K-sure announced on March 19 that it provided a total of $360m worth of ship finance (insurance and guaranty) for the two shipbuilding conglomerates' newbuilding deals to export six 170,000-cbm LNG carriers signed with NLNG's shipping-affiliate Bonny Gas Transport (BGT).
KEXIM is to offer $360m of finance through a direct loan and the Korea Trade Insurance Corporation and the Korea Finance Corporation will provide $360m worth of finance. Furthermore, almost a total of $1.1bn of ship finance will be provided in coordination with commerce financial institutions.
Industrial sources say that NLNG demanded $1.1bn worth of ship finance before firming up the deal.
BGT is said to signed a contract to build overall six LNG carriers with Samsung and Hyundai in January 2013 and suggested ‘finance first, order later’ in which only when a newbuilding fund is ready, a contract could take effect. The vessels are slated for delivery in 2015-2016.  
Meanwhile, Samsung answered on March 20 for a request to a question from a stock market, "We signed a finance conditional newbuilding contract with Nigeria's BGT to build four LNG carriers," and revealed we will notify when the deal firms up after the owner secures full financing.