Hyundai Heavy Industries Co., Ltd. $800 Million Project Order Acceptance

On August 5, Hyundai Heavy Industries Co., Ltd announced that they accepted an 8 million dollar (about 1 trillion won) order from Exxon-Mobil, US oil refining company regarding Floating Production Storage and Off-loading (FPSO) project.

FPSO called `Floating Oil Refining Plant` includes the ship and plant, whose project will be the biggest project Hyundai Heavy Industries Co., Ltd has ever accepted ever since it was established in 1974.

This FPSO facility will be installed in Kisomba area, Angola in Western Africa. Its length is 285 m, width 63 m, height 32 m and its gross weight 81,000 ton. It can refine 250,000 barrels of crude oil per day and hundreds of people can live in the upper deck.

Hyundai will start to build the facility from next year and deliver it to Exxon-Mobil by July 2004.

They said that the project is not only fabrication but also the whole process of design, manufacturing and dry run so that the added values are much larger than shipbuilding or other simple plant construction.

Hyundai Heavy Industries Co., Ltd is targeting its total order acceptance to be 7 billion dollar this year, out of which 2.5 billion is expected from ocean plant facility construction order.

kkh@donga.com