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Press Release

Hyundai Heavy Wins US$2.06 billion Order for Gorgon Project in Australia

Oct. 21, 2009 - Hyundai Heavy Industries Co., Ltd. (HHI) has announced its success in the Bid for Module Fabrication for the Barrow Island LNG Plant of the Gorgon Project.

The Bid for Gorgon Project was originally made on February 2009 and consists of 48 Modules weighing approximately 190,000 tons, and Contract Price is more than US$ 2 Bil., which is biggest single contract to HHI,s record. The Contract is effective upon signing of the Contract on October 21, 2009 and delivery of Modules will be made 2012-2013.

The Gorgon Project, operated by the Australian subsidiary of Chevron (50 percent) in joint venture with Australian subsidiaries of ExxonMobil (25 percent) and Shell (25 percent), is currently estimated to cost AU$43 billion (US$37 billion) for the first phase of development. First gas is planned for 2014.

The Gorgon Project,s scope includes a three-train, 15 million-metric-tonne-per-annum liquefied natural gas (LNG) facility and a domestic gas plant.

HHI has expressed its appreciation for Chevron,s evaluation of its capacity and capabilities, and said it is committed to successfully complete and deliver the Project as planned.

The competition with international and compatriot rivals was fierce specially due to the downturn of shipbuilding market as result of the global economic recession, and HHIs success in this huge and prestigious Contract will contribute HHI,s growth and enhance its turnover and profit positively.

It is noticeable that Modular concepts, which are usual for offshore platform type works wherein HHI is well experienced and has reputation as world class EPCI Contractor, are now firstly applied for Land-based LNG Plant. HHI will support that this concept is right through the successful execution of Project and it expects that it will have strong threshold in similar projects which follow Gorgon Project.


2009-10-23

Please see Hyundai Heavy Industries Co., Ltd. (HHI) company electronic office

Contacts for Media
Tel.: +82-52-202-2342
Fax.: +82-52-202-2347
e-mail: hhiopr@hhi.co.kr

Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.

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