South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME ) has won a $2bn order from Inpex , a Japan-based oil and gas explorer, to build a floating production storage and offloading (FPSO) vessel.

The new FPSO will have a length of 336m, breadth of 59m and weigh about 110,000 tonne with a capacity to produce 85,000 barrels of oil per day and store up to 1.14 million barrels.

According to reports, the vessel is contracted on a turnkey basis to a South Korean shipbuilder who will be responsible for engineering both the hull and topside.

Scheduled to be delivered in April 2016, the FPSO will operate in the Browse Basin as a part of Inpex’s Ichthys project offshore Western Australia.

DSME said that the new vessel is its second largest FPSO order intake after ‘Pazflor FPSO’, which was ordered in 2007 for $2.1bn.

The project may also include DSME’s cooperative companies such as Shinhan Machinery (accomodation), Daewoo’s affiliated company in Shandong China DSSC (flare tower), Samwoo Heavy Industry (pipe rack).

In January this year the company had won an order from the Kuwait Oil Tanker Company (KOTC) to build four very large crude carriers (VLCC) and one product carrier for $560m.

According to reports, the ships are eco-friendly and energy-efficient, equipped with a fuel-saving device, the pre-swirl stator (PSS), and the volatile organic compounds emission reducing device De-VOC.

This year the South Korean shipbuilder has secured seven ships/units orders totalling about $2.76bn.