Hyundai Heavy pulls out all the stops to win offshore plant orders

This file photo provided by Hyundai Heavy Industries Co. shows a floating production, storage and offloading (FPSO) unit built by the company in 2015.

This file photo provided by Hyundai Heavy Industries Co. shows a floating production, storage and offloading (FPSO) unit built by the company in 2015.

SEOUL, 11 Feb. (Korea Bizwire)The world’s leading shipbuilder Hyundai Heavy Industries Co. is in high gear to secure orders for floating production, storage and offloading (FPSO) vessels as the offshore installation market rebounds on the back of higher oil prices.

The company has started construction of a hull for the 850 billion won ($775 million) FPSO “P78” which it won from Brazilian state oil company Petrobras, sources said. ‘industry.

The offshore plant, measuring 354.3 meters long, 34.3 meters wide and 60 meters high, will be built on the shipyard’s dedicated FPSO quay. It should be installed in the oilfield of Buzios, in the southeast of Brazil.

So far, the shipbuilder has landed almost no offshore plant orders, mainly because the international oil price dipped below $50 a barrel in the mid-2010s after rising to $150.

The offshore power plant market rebounded from last year’s slump when international oil prices rebounded.

In a conference call on Monday, the company said it had participated or planned to participate in tenders for offshore plant projects staged in Qatar’s North Field, Vietnam, Gulf of Mexico and Brazil.

Kevin Lee ([email protected])


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