South Korea’s top shipbuilder Hyundai Heavy Industries (HHI) has secured a KRW659.2bn ($577m) engineering, procurement and construction contract from Beacon Offshore for the floating production system (FPS) set for the Shenandoah field in the US Gulf of Mexico.
The FPS will be a semi-submersible type, similar in its characteristics to the unit HHI built for Murphy Oil’s King’s Quay project. It will be 91 m long, 91 m wide and 90 m high, scheduled for delivery at the end of September 2024.
The Beacon-operated Shenandoah field is located 300 km off the coast of Louisiana in the Walker Ridge area of the Gulf of Mexico. Completion of the transaction is conditional, among other things, on the final investment decision for the project, which is expected by the end of this month.
The latest order boosts the holding company of HHI, Korea Shipbuilding & Offshore Engineering (KSOE), backlog for this year to $17.4bn.
The news about Hyundai Heavy winning 577 million USD for setting up FPS is indeed a good economic indicator for the global shipping industries. Particularly when the whole business community is still reeling under the impact of the pendemic. The global business community will be happy to see news of such a nature which will help the global industries to meet their renergy requirements.