Hyundai Heavy Loses USD 1.9 Billion FPSO Order

Image Courtesy: Chevron

Chevron North Sea Limited has canceled its order for a Floating Production Storage Offloading (FPSO) unit at South Korea’s Hyundai Heavy Industries.

The shipbuilding contract, signed in April 2013, was valued at KRW 2.157 trillion (around USD 1.85 billion).

HHI was in charge of the design verification, detailed design and full engineering, procurement, and construction of the FPSO. In 2015, HHI awarded a subcontract for the FPSO turret facilities to Bluewater Energy Services B.V.

The FPSO was initially expected to be delivered in the fourth quarter of 2016 and deployed on the Rosebank oil and gas field some 130 kilometers off the Shetland Islands in the North Sea.

The 292 meters long, 57m  wide and 30m deep FPSO was expected to have the capacity to produce 100,000 barrels of oil and 190 million standard cubic feet of natural gas per day.

The 99,750-tonne turret moored FPSO would also have had storage capacity for 1.05 million barrels of oil.

Rosebank oil and gas field was discovered in 2004. The project is reportedly still in in the front-end engineering and design phase. Final commitment to the Rosebank project depends on U.K. government approval and the project co-venturers approving the final investment decision, Chevron said.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >