KSOE Nets $758m Contract for Offshore Plant

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Korea Shipbuilding & Offshore Engineering Co. (KSOE), the shipbuilding holding entity of Hyundai Heavy Industries Group, netted a second offshore facility Brazilian oil company Petrobras in $2 billion sea drilling project, reports Pulse News.

Deal to build FPSO facility

KSOE has procured an 850 billion won ($758.72 million) order from Brazil’s state-owned oil company Petroleo Brasileiro S.A., better known as Petrobras.

The 850 billion won deal is part of a total 2.5 trillion won order to build a floating production storage and offloading (FPSO) facility, which has been jointly secured by a consortium of KSOE and Keppel Shipyard Ltd., a Singaporean shipbuilder, the KSOE said.

The FPSO, which is 345 meters long, 60 meters high and 34 meters wide, will be able to produce 180,000 barrels of oil and 7.2 million cubic meters of natural gas a day.

Offshore hull construction

KSOE will be in charge of constructing the hull of the offshore plant and the Singaporean shipbuilder responsible for the topside which produces and refines oil.

Hyundai Heavy Industries Co., a subsidiary of KSOE, will start constructing the hull in the first half of next year and the facilities will be put together in the Buzios field, 210 kilometers (130 miles) southeast of Rio de Janeiro in Brazil, in the second half of 2024.

With the latest contract, KSOE has secured total $9.1 billion worth of orders for 101 sea vessels and facilities so far this year, already achieving 61 percent of its yearly target.

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Source: Pulse News

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