Hyundai Heavy Industries Co., Ltd. (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, announced that it signed a contract for a $1.94 billion order for the second package of the Nasr Full Field Development Project from Abu Dhabi Marine Operating Company (ADMA-OPCO).
The company said EVP Kim Jong-do of the Marine Business Division, signed the contract with President Ali R. Al-Jarwan of ADMA-OPCO. It covers the construction of four marine platforms and laying undersea cables for a distance of 200 km. The official contract was signed after four months since the company got the letter of awards from the Arab company.
As per the contract, HHI will undertake engineering, procurement, construction, installation and commissioning work for the super complex. It comprises a gas treatment platform; a separation platform; an accommodation platform; laying 144 km subsea power and 55 km infield cables; modifying an existing manifold tower and two wellhead towers in Nasr oil field, 131 km northwest of Abu Dhabi, UAE; and work for Power Distribution Facilities from existing DAS Island to super complex.
Scheduled to be completed within the first half of 2019, the facilities which are to be installed 131 km northwest off Abu Dhabi City will increase the daily oil production capacity of the offshore field to 65,000 barrels from the current 22,000 barrels.
Another package including the construction of two sea platforms -- in addition to seven platforms and installing them -- will be undertaken by NPCC, a local company based in the UAE, NPCC.
Hyundai Heavy got the order on an EPC basis, including design, purchase, production, delivery and installation and test-run and should complete them by 2019.
The company’s vision is to become a global leader in the heavy industries sector. Four decades ago that vision was only a dream, but after transforming an empty stretch of beach into the world's largest shipyard, that dream has become a reality. The company’s vision is a vast bridge connecting "reality" and "future" and has ultimately allowed us to lead in our field. This vision is a part of the "Hyundai Spirit": Creative Wisdom, Positive Thinking, and Unwavering Drive.
HHI, founded by the late Chung Ju-yung on March 23, 1972, wrote the first chapter of its shipbuilding history in June 1974 by completing construction of the world's largest shipyard and two 260,000-DWT VLCCs -- all at the same time. A decade after its first delivery, Hyundai Shipyard topped 10 million deadweight tons in aggregate ship production, and has maintained the leading position in the world market ever since. Hyundai Shipyard's drive has mirrored the growth of modern Korean heavy industry, and their success has allowed them to expand into other heavy industry areas, ultimately leading to the formation of Hyundai Heavy Industries, an integrated heavy industry company.
The latest chapter of HHI's history began with the separation from the Hyundai Group in February 2002. The independent establishment of Hyundai Heavy Industries Group included mergers with Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard.
Since its establishment in 1972, Hyundai Heavy Industries has grown into the world’s leading heavy industries company by successfully diversifying from shipbuilding into offshore and engineering, industrial plant and engineering, engine and machinery, electro electric systems, construction equipment, and green energy businesses. Over the past four decades they have encountered and prevailed over innumerable challenges and obstacles.
“We are proud to note that we have not only played a pivotal role in our own nation’s economic development but also have become a responsible global corporate citizen contributing to the sustainable development of the world economy,” the company said.
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