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Press Release

Hyundai Heavy Industry Signs Goliat FPSO Contract with Eni Norge

Feb. 8, 2010 - Hyundai Heavy Industries has announced its success in the tender to build the floating, production, storage and offloading unit (FPSO) of the Goliat Project. The tender for the Goliat FPSO was initially floated by Eni Norge AS (Eni) in June 2009.

The contract is worth US$ 1.1 billion (KRW 1.29 trillion) and came into effect upon signing on February 5, 2010. The floating unit will be delivered to Eni for installation in the Goliat field, 85km northwest of Hammerfest, Norway in the middle of 2013.

Hyundai Heavy, as an EPC Contractor, will undertake all the project work covering engineering, procurement, construction, onshore commissioning and optional transportation.

This cylindrical floater designed by Norway's Sevan Marine will be able to produce more than 100,000 barrels of crude oil per day of oil and 3.9 million standard cubic meters of gas per day. It will also be able to store 1 million barrels of oil. It will be 112 meters of diameter, 75 meters of height (incl. 44m of Hull) and weighing about 52,000 tons. These cylindrical type floaters using Sevan design are already operating  in Brazil and the North Sea.

The operator is Eni Norge AS (65%) together with partner Statoil Petroleum AS (35%) the Goliat field which is the first oil field to be developed in the Norwegian sector of the Barents Sea.

Hyundai Heavy has expressed its appreciation for Eni's evaluation of its capacity and capabilities of execution for large scale project, and said it is committed to successfully complete and deliver the unit as planned. Hyundai Heavy's successful bid for this challenging and prestigious contract is a great start to 2010.


2010-02-08

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

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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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