Hyundai Heavy Loses USD 1.9 Billion FPSO Order

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

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