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June 13, 2013

Samsung Heavy Industries subsidiary wins $3bn FPSO order in Nigeria

South Korean shipbuilder Samsung Heavy Industries' (SHI) Nigerian subsidiary has secured a $3bn order from an unnamed ship-owner to build a floating production, storage and offloading facility (FPSO) in the country.

By admin-demo

South Korean shipbuilder Samsung Heavy Industries’ (SHI) Nigerian subsidiary has secured a $3bn order from an unnamed ship-owner to build a floating production, storage and offloading facility (FPSO) in the country.

"The new FPSO will reportedly be the world’s largest FPSO unit."

Out of the total amount, SHI will have a share of about $1.72bn for the construction of the hull and some upper parts, while the remaining will go to the Nigerian division.

The new FPSO, which will have a length of 330m, breadth of 61m, height of 34m, storage capacity of 23,000 barrels and 36,000t of topside, will reportedly be the world’s largest FPSO unit and represents the world’s biggest deal compared with other FPSOs on order.

SHI says the construction will be carried out on a turnkey basis, including engineering, procurement, construction, transportation and commissioning.

Following scheduled delivery in June 2016, the new FPSO is planned to be deployed for crude oil production from the second half of 2017 off the Nigerian coast.

SHI is planning to establish a manufacturing facility in Nigeria to build a major portion of the FPSO topside.

The company has so far secured orders worth $7.8bn this year, meeting about 60% of its annual target of $13bn.

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