Hyundai Heavy Industries (HHI) has been awarded a 454M $ contract to build a new floating production system (“FPS”) by LLOG Exploration (USA).
Hyundai Heavy Industries, the shipbuilding company with the largest order backlog in the world, announced that the order exceeds 450 million USD and will be finalized in two years, starting from August 2019 (until summer 2021). This new floating production system (FPSO) will be used for deepwater explorations in the Gulf of Mexico, which is a strategic investment are for LLOG, one of the largest US private oil exploration and production companies.
This order is coming at the right time for Hyundai Heavy Industries, as it had to make redundant circa 2000 workers at its offshore dock, due to lack of similar orders. This workforce will now be reactivated, at least partly, to build the new FPS. Further, this order is boosting HHI confidence to come back to the previous occupational levels in its offshore dock operations by winning new orders in 2019.