SHI in Large Shipbuilding Deals

abarrelfullabarrelfull wrote on 14 Aug 2013 18:19
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2003.06.04

Samsung Heavy Industries received orders for a total of 9 vessels totaling US$1.2 billion, or 1.4 trillion won - two sea energy platforms from Russia-based SEIC, an oil production and storage vessel known as FPSO from French Total and eight 8,100TEU-class container vessels from German Conti.

SHI will build 23,000 ton-class and 30,000 ton-class sea platforms for Russia-based Sakhalin Energy Investment Company (SEIC). The two platforms, which will be the world's largest of its kind, will be set up off the Sea of Okhotsk, 16km northeast of Sakhalin by the end of 2006 to pump out, refine and transfer 56 million ㎥ of natural gas and 70,000 barrels of oil.

The platforms are for the Lunskoye Oil And Gas Field and Piltun Astokhskoye Oil And Gas Field

SEIC is a multinational energy consortium owned by global oil giant Shell and Japanese corporations such as Mitsui and Mitsubishi. Shell is currently holding a 55% stake in the company. And this is the first time SEIC clinched a deal with a Korean shipbuilder.

The sea platforms use highly flexible materials so as to adapt itself to freezing temperature of minus 40 ? and also require cutting-edge molding and installation technology that fit the rigid environment of deep sea. The project, therefore, is seen as a challenging task of building a high value-added special plant. In particular, the order carries significance in that SHI won turnkey orders including production and refinery facilities, which are core parts of the plant project.

SHI has once again proved its world-class capabilities of building and installing sea facilities with the latest deal, which came after the company successfully built the Asia's largest Malaysian CTOC sea gas platform last year. It is also now in a better position to win future orders from the six-stage Sakhalin Oil Development Project.

An FPSO ordered by French Total is a mammoth-class vessel 300m-long, 61m-high and 33m-wide, and weighing 330,000 tons. It is capable of pumping out 225,000 barrels of oil a day and storing up to 2 million barrels. SHI is set to complete building of the ship by the second half of 2005, which will be used in the a vast sea oil reserve in Angola in Africa.

With a series of mega deals with industry giants including SEIC and Total, one of the five global oil majors, SHI expects to put spurs to its break into the sea development and plant area as well as diversify its customer base.

SHI has so far built 34 high value-added vessels in the sea development area including drill ships, shuttle tankers, FPSOs and TLPs, and is presently toiling on 10 vessels. The 'BONGA FPSO' it shipped to Nigeria last year has been chosen one of the best vessels in the world by three major shipbuilding industry magazines, Maritime Reporter, Marine Log, and Naval Archi-tect, for its large storage capacity and outstanding performances, winning worldwide recognition in the fields of cutting-edge technology and shipbuilding.

SHI continues to win orders for extra-large container vessels, as well. Having sealed a deal with German Conti for two 8,100TEU-class container ships last month, it has won an order for six 8,1000TEU-class container ships again from the German firm. So far this year, SHI has agreed to build 21 container vessels, setting a new record of shipbuilding orders in the global large container vessel market.


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