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Press Release

Hyundai Heavy to Build Worlds First New LNG FSRU

Hyundai Heavy Industries, the world's biggest shipbuilder, today announced the Company clinched a USD 500 million order to build the world's first two new LNG Floating Storage Regasification Units (FSRU) for Hoegh of Norway on June 12.

This contract also includes an option exercisable by Hoegh to order two additional same-class LNG FSRUs.

The 170,000 cbm LNG FSRUs, measuring 294 meters in length and 46 meters in width, can store 70,000 tons of chilled natural gas. These two vessels are scheduled to be delivered by the second half of 2013 and the first half of 2014 respectively, and will operate for 40 years.

LNG FSRUs receive liquefied natural gas from offloading LNG carriers. The installed regasification system provides gas send-out through flexible risers and pipelines to shore. Typically, LNG FSRUs are converted from other ships but these will be the world's first new LNG FSRUs.

LNG FSRUs take a year less and cost half as much as an onshore LNG terminal to complete. Furthermore, Hyundai Heavy's special engineering techniques help shipowners save on maintenance downtime as the maintenance interval is extended from five years to ten. Converted LNG FSRUs need to be drydocked for repairs and maintenance for two to three months every five years.

An official from the shipbuilding giant said, "We see this order as the beginning of the global LNG FSRU order trend. Considering more than 10 LNG projects are underway in countries including Brazil and Indonesia, we expect more orders down the road."

Hyundai Heavy has won orders for 53 ships including LNG carriers, LPG carriers, shuttle tankers, and LNG FSRUs worth of USD 13.5 billion so far this year.

* Photo: Signing Ceremony: Mr. Kang Young-seog, senior vice president of Hyundai Heavy (left) and Mr. Vagard Hellekleiv, senior vice president of Hoegh (right)


2011-06-13

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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