HHI Wins Gas Production Facilities from KNOC

Hyundai Heavy Industries won a US$150 million contract to supply gas production facilities for Korea National Oil Corporation (KNOC)'s Rong Doi Tay Gas Field Development Project in Vietnam.

The project, which consists of approximately 13,000-ton fixed gas and condensate extraction facilities and subsea pipe-laying, will be located in water at a depth of 85 meters in 11-2 field, at Nam Con Son basin, 320km southeast away from the Vung Tau coast.

HHI will perform design, fabrication, installation and commissioning of the project, which is scheduled to be completed by the end of September 2006.

HHI has been working on this project since last September when it received a preliminary award notice from KNOC. This final contract was made after the finalization of KNOC's interim gas sales agreement with Petrovietnam, Vietnamese state oil monopoly, on 20th December 2004.

Last September, HHI successfully completed Dong Hae 1-1 Gas Development Project for KNOC, making Korea become one of the gas production countries.

In 2004, HHI's Offshore & Engineering Division garnered a total of approximately US$1.5-billion offshore units for gas and oil development projects from the global oil majors, including floating unit (FPSO; Floating, Production Storage & Offloading), subsea pipelaying projects & conventional fixed platforms. The division targets new orders in 2005 for offshore projects at US$1.65 billion, focusing its business on offshore installation and floating units.