Posco International signs an agreement with McDermott

Posco International, a general trading company here, said Sunday that it has signed a front-end engineering design (FEED) contract with McDermott International for the Shwe Phase 3 gas field development, located 70 kilometers (43 miles) off the coast of Myanmar.

In October, Posco International, an affiliate of Posco, picked McDermott and South Korean shipbuilder Hyundai Heavy Industries as FEED partners for the project.

The value of the contract has not been disclosed.

McDermott and Hyundai Heavy will work on basic designs for earlier phases of the Shwe gas field development. The scope of the new contract includes FEED services for a new compression platform, a bridge link and modifications to the existing platform.

The Myanmar gas development project aims to start commercial production in 2021.

Yonhap