HHI wins large FPSO order worth $350 million

abarrelfullabarrelfull wrote on 16 Jul 2012 10:35

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On February 14, HHI won a $350 million order for a 360,000 ton-class (in terms of dead weight tonnage) FPSO from BP of the U.K. The FPSO will be installed in the Plutonio sea off Angola, West Africa, where a large-sized oil field is being developed. The offshore facility weighs about 80,000 tons (self-weight), 360,000 tons (dead weight tonnage), measuring 310m (L), 58m (W) and 32m (H). It consists of the hull capable of storing 2 million bbls of crude oil and the topside designed to produce and refine 200,000 bbls of crude oil a day and accommodate 120 crew members.

BP, one of the British oil majors, is known for its rigorous standards in quality and technological prowess in placing orders. The Company's Shipbuilding Division and Offshore & Engineering Division succeeded in winning the separate orders placed for the hull and the topside, respectively, for the Plutonio FPSO Project. The Shipbuilding Division will complete building the hull and combine it with the topside to be made by the Offshore & Engineering Division by January 2006. The facility will be installed at the Plutonio oil field in the 1,300m-deep sea 175km northwest off Angola and be engaged in crude oil production.

In the past, orders for offshore facilities used to be monopolized by large-sized multinationals. The Company had won orders for two FPSO‘s from Petrobros of Brazil for the first time in 1996. Based on the momentum gained from successful completion of the first order for FPSO‘s, the Company successfully completed another order for an FPSO from Elf of France in 2001. The FPSO set sail on February 10 was another FPSO made by the Company for Exxon Mobil of the US. Thus, the Company's products have proved their competitiveness in quality and price in the high value-added offshore facility market.

The Company expects that its success in winning this FPSO project will go a long way in our securing an advantageous position in winning other FPSO orders placed by West African countries including Nigeria.

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