HHI inks deal for offshore facility

Hyundai Heavy Industries (HHI) has clinched a $1.6 billion deal to build an oil platform in Nigeria. The deal with Elf Petroleum Nigeria Ltd., a subsidiary of France-based Total SA, calls on HHI to build the FPSO by October 2011.

The FPSO will be deployed in a massive oil field located 100 kilometers southeast of Bonny Island in Nigeria. The vessel, which is 320 metres long, 61 metres wide and 32 metres deep, can store as much as 2 million barrels of crude oil. The facility also can refine 160,000 barrels of crude oil and produce 5 million metric tons of gas on a daily basis, according to HHI.

Hyundai Heavy has won $6.7 billion worth of deals to build offshore plants and facilities so far this year, accounting for 25% of its yearly target of $26.2 billion in the business.