Daewoo Shipbuilding shares $3.7 billion UAE contract

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Daewoo Shipbuilding shares $3.7 billion UAE contract

A consortium consisting of Daewoo Shipbuilding and Marine Engineering (DSME) and Petrofac Emirates has won a $3.7 billion oilfield development project in United Arab Emirates, the Korean shipbuilder said yesterday.

The consortium won a contract with Zakum Development Company (Zadco) for the Upper Zakum UZ750 field development in Abu Dhabi.

Under the $3.7 billion project, the largest of its kind for a single offshore plant project in the Middle East, the two companies will work together to establish four artificial islands and then establish crude oil processing and manufacturing facilities.

When completed in 2017, this will increase the daily crude oil production to 750,000 barrels from the current 550,000 barrels.

Zadco is an Abu Dhabi National Oil Company subsidiary and ExxonMobil and Japan Oil Development Company are among the shareholders.

DSME’s share of the contract is valued at $800 million and Emirates’ share of the contract is $2.9 billion.With the latest contract, DSME has so far clinched a combined $4.2 billion in deals for ships and offshore structures this year, the company said.

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