$600 Million in New Rig Orders for Hyundai Heavy

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June 18, 2012

In July 2011, LLOG installed the first ever Floating Production System in the Gulf of Mexico at the “Who Dat” field. Named the Opti-Ex, the rig is the first privately owned FPS in the world and the first semi-submersible specifically designed for the U.S. Gulf of Mexico.

SEOUL (Dow Jones) –Hyundai Heavy Industries (009540.SE), the world’s largest shipbuilder, said Sunday it has won three orders worth a combined $600 million to build oil and gas rigs.

In a statement, Hyundai said it received a $400 million order for a 35,000-ton offshore oil platform, which will be delivered by August 2015. The company did not identify the oil company that placed the order or the region where the platform will be deployed.

Hyundai also said it won two separate orders worth $100 million each for oil and rigs.

One is to build six “land plant modules” capable of producing 200 million cubic feet of natural gas and 10,000 barrels of oil a day for an unidentified U.S. oil major, with scheduled delivery in June 2015, Hyundai said.

The other is to build a semi-submersible drilling rig for LLOG of the U.S., which has an option to order an additional structure, according to Hyundai.

– In-Soo Nam, Dow Jones Newswires

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