Connect to share and comment

Hyundai Heavy wins US$750 mln drill ship order

PlacardEnlarge
(Globalpost/GlobalPost)

SEOUL, May 30 (Yonhap) -- Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Thursday that it has won a US$750 million deal to build a drill ship.

Under the deal with Diamond Offshore Drilling Inc. of the U.S., Hyundai Heavy will deliver the vessel used to find oil in deep waters by November 2015, the company said.

In 2011, Hyundai Heavy won a similar deal valued at 590 billion won from Diamond Offshore.

A drill ship is a maritime vessel with drilling apparatus and is used for exploratory offshore drilling of new oil or gas wells in deep waters.

The ship, 123 meters long and 96 meters high, will be capable of drilling in water 3,000 meters deep, Hyundai Heavy said.

Hyundai Heavy said it has won deals worth $6 billion so far this year to build offshore facilities and drill ships.

Shares of Hyundai Heavy were trading at 196,000 won on the Seoul bourse as of 11:05 a.m., down 1.75 percent from the previous session's close.

<All rights reserved by Yonhap News Agency>

http://www.globalpost.com/dispatch/news/yonhap-news-agency/130530/hyundai-heavy-wins-us750-mln-drill-ship-order