US exploration and production company LLOG Exploration has placed an order at South Korean shipyard Hyundai Heavy Industries (HHI) for the construction of a semi-submersible floating production system (FPS).
Construction of the FPS will start in August next year and delivery is scheduled in the first half of 2021. LLOG will deploy the FPS in the Gulf of Mexico.
The total value of the contract, HHI’s first offshore contract in four years, is about $451m.
In June, HHI decided to suspend work at its offshore facility due to lack of new orders, leading to a massive cull of offshore yard workers.