Hyundai Heavy Industries inks $1.9B contract with Chevron

Hyundai Heavy Industries, the world’s largest shipbuilder, said yesterday it has won a $1.9 billion order to build a floating production, storage and offloading unit for Chevron.

The shipbuilder said the unit will be operational by 2017 in the Rosebank oil field, 175 kilometers, or 109 miles, from Shetland Islands off the northwest coast of the United Kingdom.

The unit will be capable of producing 100,000 barrels of oil and produce and refine 190 million cubic feet of gas a day.

The facility is also capable of storing 1.05 million barrels of oil.

The latest deal comes just 15 days after the Korean shipbuilder clinched a $2 billion deal to build offshore facilities for French energy company Total. The shipbuilder said it has won $5.1 billion worth of orders for offshore facilities, meeting 85 percent of this year’s target.