Hyundai Heavy Pens $1.9 Bln FPSO Contract

Hyundai Heavy Pens $1.9 Bln FPSO Contract

One of South Korean biggest shipyards, Hyundai Heavy Industries Co Ltd. has secured a $1.91 billion contract for the construction of a floating production storage & offloading (FPSO) facility. The contract, announced on Thursday on KRX, comes from Chevron Corporation’s subsidiary Chevron North Sea Limited.

According to the regulatory filing, the FPSO should be delivered by November 2016.

Hyundai Heavy Pens $1.9 Bln FPSO Contract

The FPSO, measuring 292 m in length, 57 m in width, and 30 m in depth, will be built under the NORSOK standard, applicable to offshore facilities operating in the harsh conditions of the North Sea. The 99,750-tonne turret moored FPSO will be able to produce 100,000 barrels of oil and 190 million standard cubic feet of natural gas per day. It will also have storage capacity for 1.05 million barrels of oil.

The Ulsan, South Korea-based company, has constructed the most (11) ultra-large floating, production, storage and offloading units (FPSO units capable of holding more than 2 million barrels of oil) in the world. The company is currently building two other FPSOs to be deployed in the North Sea.

Today’s order brings the HHI’s new orders for this year to USD 5.1 billion, 85% of the USD 6 billion annual target.

[mappress]
Shipbuilding Tribune Staff, April 11, 2013