South Korea: Hyundai Heavy Secures USD 1.9 Bln FPSO Order

Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, today announced it won a USD 1.9 billion order to build a Floating Production Storage and Offloading unit (FPSO) for Chevron North Sea Ltd.

Hyundai Heavy will carry out engineering, procurement, and construction for the floating offshore facility to be deployed in the Rosebank oil & gas field, 175 km northwest of the Shetland Islands.

The 99,750-tonne turret moored FPSO is scheduled to be handed over by the end of November 2016. It 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 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. Currently, the Ulsan, South Korea-based offshore facilities contractor is building two other FPSO and one offshore platform specially designed to perform 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]

HHI, April 11, 2013