Major South Korean shipbuilder Samsung Heavy Industries announced on Wednesday that it has entered into a memorandum of understanding with US engineering firm Sargent & Lundy (S&L) to jointly develop an offshore floating small modular reactor (FSMR).

The company stated in a press release that the agreement is focused on creating a standardized FSMR platform designed to be compatible with multiple reactor technologies, rather than being limited to a single reactor type.

Samsung Heavy Industries indicated that this approach will offer exceptional flexibility, enabling the integration of various reactor types and providing global customers with greater freedom of choice to meet requirements for different reactor technologies.

The collaboration is expected to leverage Samsung Heavy Industries' expertise in the engineering, procurement, and construction (EPC) of offshore power plants, combined with S&L's specialized capabilities in nuclear energy design and engineering, thereby strengthening the shipbuilder's position in the US market.

The partnership aims to merge Samsung Heavy Industries' offshore facility EPC competencies with S&L's nuclear engineering design strengths to solidify the company's standing in the American market.

Offshore floating small modular reactors (FSMRs) represent a new generation of floating nuclear power platforms that rely on small modular reactors (SMRs) mounted on floating carriers to generate electricity.