Hyundai Heavy wins US$1.6 bln order for offshore platform

Hyundai Heavy industries Co. (KSE:009540), the world’s biggest shipyard, has clinched a US$1.6 billion order for an offshore platform project in the United Arab Emirates (UAE), the largest single order in the industry.

Hyundai Heavy and the UAE’s state-run oil and gas firm, Abu Dhabi Marine Operating Co., signed a letter of award for the project on Sept. 24, and the formal contract will be sealed within six weeks, the company said in a filing.