Hyundai Wins Orders Worth $600M for O&G Rigs

South Korea's Hyundai Heavy Industries, the world's largest shipbuilder, said Monday that it has won three oil and gas rig orders worth around $600 million.
The largest order, for a 35,000-tonne offshore oil platform, is valued at around $400 million. The oil platform is scheduled to be delivered by August 2015. Hyundai declined to name the oil major which placed the order.
The other two orders are each worth around $100 million.
One is to build a semisubmersible drilling rig for US-based LLOG Exploration.
The other is to build a facility, capable of producing 200 million cubic feet of natural gas and 10,000 barrels of oil per day.
Hyundai won an order from Fred. Olsen Energy on May 25, 2012 for the building of a semisubmersible drilling rig with scheduled delivery in March 2015. The project cost was estimated at $700 million. The rig is designed for a water depth capacity of up to 10,000 feet.


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