Prompt Hyundai earns bonus

Hyundai Heavy Industries (HHI) earned a $10 million bonus for sticking to “three strict conditions” laid down the US oil giant Exxon Mobil that had ordered an FPSO from the Korean shipbuilder.

The $800 million FPSO had been ordered in December 2002 and Exxon Mobil laid down three conditions, i.e. the vessel must be delivered in 34 months, must be of flawless construction, and there are to be no accidents in the shipyard during construction. Exxon promised a US$10 million bonus if the conditions were met.

Not only did HHI fulfill the conditions, it finished construction with three months to spare, allowing Exxon Mobil to advance to early August drilling operations off Angola that were supposed to start in October. When the oil company puts the 285 metre long, 63 metre wide, 88,000dwt FPSO into operation, it will be able to produce 240,000 barrels of oil a day.