Hyundai Bags $720M Deal to Build Facilities for O&G Projects in East Timor

South Korea's Hyundai Engineering & Construction Co. (Hyundai E&C) bagged a $720 million contract from the East Timor government to construct a seawall and other facilities to support offshore oil and gas development in the country, Yonhap news agency reported Wednesday.

Under the contract, the first ever that Hyundai has secured in East Timor, two units of Hyundai Motor Group will build a seawall and supply facilities to be used for oil development efforts off the southern coast town of Suai.

Hyundai E&C will take the lead in constructing a 2-mile (3.3-kilometer) -long seawall as well as other works, which takes up 60 percent of the contract value. Hyundai Engineering will also be in charge of building those ground-based facilities for offshore oil development.

Construction work is expected to be completed in September 2018, Hyundai E&C said.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Junior-Level Mechanical HVAC Design / Energy Audit Engineer
Expertise: HVAC|Mechanical Engineering
Location: San Antonio, TX
 
Mechanical Superintendent, Construction
Expertise: Construction Engineer|Mechanical Technician
Location: Alvin, TX
 
Electrician Apprentice 1st Year- Hobbs, NM Job
Expertise: Electrician
Location: Hobbs, NM
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours