HD Korea Shipbuilding clinches orders worth billions of dollars

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HD Korea Shipbuilding clinches orders worth billions of dollars

Published: 03 Jul. 2023, 19:02

A floating production unit built by HD Hyundai Heavy Industries [YONHAP]

Major South Korean shipyard HD Korea Shipbuilding & Offshore Engineering said Monday it has secured orders worth billions of dollars to build a floating production unit (FPU) and eight vessels.

A 1.57 billion-won ($1.19 billion) deal with Australian energy firm Woodside Energy sees HD Hyundai Heavy Industries, one of HD Korea Shipbuilding's three subsidiaries, construct the 44,000-ton offshore facility at its shipyard in the southeastern port of Ulsan, the shipbuilder said in a regulatory filing.

The offshore platform, which will depart for an oil field 180 kilometers off the east coast of Mexico in the first half of 2027, will be able to produce 100,000 barrels of crude oil and 4.1 million cubic meters of natural gas daily, according to the company.

HD Korea Shipbuilding also clinched orders worth a combined 1.55 trillion won to build two liquefied natural gas (LNG) carriers, four pure car & truck carriers (PCTCs) and two liquefied petroleum gas (LPG) carriers.

Hyundai Samho Heavy Industries, another HD Korea Shipbuilding unit, will construct 170,000-cubic-meter LNG carriers for a North American shipper in its shipyard in the port of Yeongam, 308 kilometers south of Seoul, and deliver them in stages by 2027.

HD Korea Shipbuilding said its remaining subsidiary, Hyundai Mipo Dockyard, will construct the PCTCs, which are 200 meters long, 38 meters wide and 37.7 meters high, for a Middle Eastern shipping firm. The vessels will be delivered in stages by 2027.

Hyundai Mipo Dockyard will also construct the 40,000-cubic-meter LPG carriers for a European shipper and deliver them in stages by 2026, HD Korea Shipbuilding said.

So far this year, HD Korea Shipbuilding has clinched $14 billion worth of orders to build 105 vessels and one FPU, or 89 percent of its yearly order target of $15.74 billion.

HD Korea Shipbuilding, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai, has three units under its wing -- HD Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries.

Yonhap