South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) has won an order for up to eight LR1 tankers with a total value of $ 375 million.

The contract provides for the construction of four oil tankers of 74,000 tons plus the ability to build four additional ships. Under the contract, the ships should be delivered in 2016.

The name of the shipowner is not disclosed, but according to the officials the LR1 product carriers will be chartered to Royal Dutch Shell on a long-term basis. The additional specifications of the ships were not mentioned.

STX Offshore & Shipbuilding received orders for 21 product tankers since the first half of 2014, out of 36 orders placed on global scale, making it the majority holder of the overall market share in this segment.

The company is the world's fourth largest shipbuilder, owning STX Europe. STX Offshore & Shipbuilding has built about 700 ships over the last 40 years in Busan and Jinhae shipyard.