HHI Wins a $520 Million Platform Order from Nigeria

abarrelfullabarrelfull wrote on 17 Jul 2012 20:03
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2007-07-25

Hyundai Heavy Industries (HHI) has won an offshore fixed platform order worth USD 520 million from the recently formed consortium by the French multinational energy group (TOTAL) and the Nigerian National Petroleum Corp. (NNPC).

This construction will be carried out to produce oil and natural gas development facility for Ofon Field, which is approximately 45km away from the Nigerian southeast coast. Thus, the entire construction progress, starting from engineering and producing up to accomplishing try outs, will be carried out as a turnkey project.

The platform weighs approximately 13,000 tons and it is 54m long, 47m wide and 30m high. This platform can produce an amount of 105,000 barrels of crude petroleum and 3 million m³ of natural gas. The platform will be accomplished during the first half of the year 2010.

After one-year-long of severe competition, HHI won over the order, breaking through the intense competition among other world leading companies, such as the consortium formed by the French group, Technip, and the Italian group, Saipem.

HHI has been receiving consecutive orders from the world’s major developer, TOTAL, and was appraised for its outstanding technology. Hence the Company was successful in reassuring their continuous competitive predominance in the Nigerian market, explained a related party to HHI.

HHI has been winning other construction projects from TOTAL (including this last one) since 2005: AKPO FPSO (Floating Production Storage Offloading), FPSO, subsea pipelines, platforms and others, summing up to an amount of USD 2 billion.

HHI is now actively working on various construction orders in Nigeria, the representative oil-producing company of Africa. Apart from the orders won from TOTAL, HHI is also manufacturing and constructing both ground and offshore platforms and subsea pipelines, natural gas platforms and others for other major developers of the world, such as ExxonMobil (USA), BP (UK) and Shell (Netherlands).

HHI has set this year’s platform order target up to USD 3.6 billion, and has already reached more than half of it, an amount of USD 2 billion.

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