Connect to share and comment

CORRECTED: S. Korea's Hyundai wins $2 bn French order

PlacardEnlarge
(GlobalPost/GlobalPost)

Hyundai Heavy Industries, the world's largest shipbuilder, said Tuesday it had won a $2.0 billion order to build two offshore platforms for French energy giant Total.

Under the deal with Total's Congo unit, the South Korean company will build and deliver by early 2016 a drilling platform and a floating oil and gas production platform, Hyundai said in a statement.

The two platforms will operate at the Moho Nord field 80 kilometres (50 miles) off the southwestern coast of Congo, Hyundai said, adding that the field is believed to have a crude oil reserve of about three billion barrels.

The oil and gas production platform can produce 100,000 barrels of oil and 2.5 million cubic metres of natural gas a day, it said.

The world's top shipbuilder said it aimed to win orders worth $6.0 billion for offshore platforms in 2013 and has won $3.2 billion in such orders so far this year.

jhw/gh/ac

http://www.globalpost.com/dispatch/news/afp/130326/corrected-s-koreas-hyundai-wins-2-bn-french-order