Samsung Heavy Industries has confirmed that a Russian shipowning joint venture has formally cancelled its contracts relating to 10 LNG carriers and seven shuttle tankers worth some KRW 4.85 trillion ($3.53bn).

SHI, a South Korean shipbuilder, said in an exchange filing that it had received notice the contracts on 10 LNG carriers and seven North Sea shuttle tankers ordered by Zvezda in 2020 and 2021 have been cancelled.