Reports: Chevron North Sea Cancels FPSO Order

South Korea headquartered Hyundai Heavy Industries Co. said Wednesday a $1.8 billion order to build an offshore facility has been cancelled, according to media reports. 

The shipbuilder said Chevron North Sea Ltd. had notified the company of its decision to cancel the order to build a floating production storage offloading (FPSO) unit, citing a deteriorating business environment, South Korean newspaper The Korea Herald reported.

Chevron North Sea Limited recently announced that it had started production at the Alder field in the central North Sea, more than 40 years after it was first discovered.

"First gas at Alder represents a significant milestone for Chevron and highlights our commitment to investing and developing resources in the U.K.,” said Greta Lydecker, managing director for Chevron Upstream Europe.



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