Hyundai reels in $452.7m order
Korean giant to build FPS for LLOG Exploration in first offshore order of 2018
South Korean shipbuilder Hyundai Heavy Industries has been awarded a contract to build a floating production system for LLOG Exploration which will be deployed in the US Gulf of Mexico.
Hyundai confirmed the 513 billion won ($452.7 million) order in an announcement to the Korea Exchange on Wednesday, with delivery expected by the end of April 2021.
Hyundai did not state which project the FPS was being built for, but did confirm that it would be deployed in the US Gulf of Mexico.
Upstream previously reported that Hyundai was being considered to build both the topsides and hull for a FPS for LLOG’s Khaleesi and Mormont deep-water discoveries in the Green Canyon area.
It was reported LLOG was considering a new version of the Opti-Ex design used for its Delta House project which has a peaking capacity of 100,000 barrels per day.
Khaleesi lies in Green Canyon block 389 and GC 390, and Mormont lies in GC 478, with both discoveries in water depths of about 3900 feet.
Llog's partners there include Ridgewood Energy, Red Willow, CL&F Offshore and Houston Energy.
The award marks Hyundai’s first offshore order for 2018, having temporarily shut-in its offshore fabrication yard — the largest such facility in the country — in August amid a lack of new orders.
It also elected to sell off its Onsan yard, an additional facility for offshore modular fabrication that was opened in 2011 but had reportedly been idle since late 2016.
