HHI wins $1.6 billion offshore facility work, largest one of its kind in world history

abarrelfullabarrelfull wrote on 17 Jul 2012 12:57

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HHI reported that it recently won the largest single offshore facility work in the world history.

On September 26, HHI reported that it recently signed an LOA (Letter of Award) for $1.6 billion offshore facility work with ADMA-OPCO (an affiliate of the national petroleum company ADNOC) of U.A.E.

The work is comprised of three fixed offshore platforms weighing 40,000 tons in total, an undersea pipeline and a bridge in Umm Shaif near Abu Dhabi. Upon the completion of the work, which is scheduled for 2010, the facility will produce 300,000 bbls of crude oil and one billion cubic feet of natural gas per day.

The work will be carried out by HHI on a turnkey basis, including design, purchase, production, installation and commissioning. HHI won the project after a more than a year of negotiation with the Client, pushing aside competitors, such as NPCC of U.A.E. and a consortium of French offshore businesses.

UAE is the fourth leading OPEC member country and it is the first case of offshore facility work placed by that country with a foreign business. HHI regards it as a propitious sign for its future exploration of the offshore facility market in the Middle East.

An HHI official said, “We are glad to win the work based on our past record on the offshore facility work and sheer technological prowess. It is expected that it will add momentum to our efforts to win subsequent projects in that part of the world.”

With this, HHI has won a total of $10.97 billion worth of orders so far this year in shipbuilding, offshore and industrial plant sectors against the annual target of $10.8 billion. The ongoing negotiations for additional orders worth billions of dollars in offshore/industrial plant sectors will make the company exceed the annual target for orders won by a wide margin.

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