Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company of Hyundai Heavy Industries Group, has won an order to construct 850 billion won ($765 million) worth of marine facilities.
KSOE said it has signed a contract with Singaporean shipbuilder Keppel to build one crude oil Floating Production Storage and Offloading (FPSO) ordered by Petrobras in Brazil. The total construction cost is 2.5 trillion won ($2.2 billion).
KSOE will be in charge of constructing hulls that function as floating and storing functions of FPSO, while Keppel will be in charge of manufacturing upper facilities that produce and process crude oil. The total contract amount for the hull won by KSOE is 850 billion won.
The new FPSO is 345 meters long, 60 meters high, 34 meters wide, and weighs 128,000 tons, which can produce 180,000 barrels of crude oil and 7.2 million cubic meters of natural gas a day.
Under the contract, KSOE won a total of 101 ships ($9.1 billion) in the shipbuilding & marine engineering sector, including marine plants, achieving 61 percent of its annual order target ($14.9 billion).
The facility will be built by Hyundai Heavy Industries in Ulsan and will be equipped with upper facilities in Keppel, Singapore. In the second half of 2024, it will be installed in the Buzios field, 210 km southeast of Rio de Janeiro, Brazil.
This order is the first marine plant construction in three months after winning an order for a 27,000-ton gas pump platform in January, and is expected to begin construction in the first quarter of next year after a nine-month design period.
Brazil’s Bujios Field, discovered in May 2010, is the world’s largest deep-sea oil field with an estimated reserves of 3 billion barrels. Petrobras currently operates four FPSOs in the region and plans to deploy eight more by 2030 to produce 2 million barrels of crude oil a day.
“As oil prices gradually rise, demand for marine development is also recovering,” a KSOE official said. “We will carry out a profitability-first sales strategy based on our building experience and technology.”
Source: Korea IT Times