Global top shipbuilder Hyundai Heavy Industries Co. is in high gear to obtain floating production, storage and offloading vessel (FPSO) orders as the offshore plant market rebounds thanks to a hike in oil prices.

The company launched the construction of a hull for the FPSO ‘P78’ worth 850 billion won (US$775 million) that it won from Brazilian state-owned oil firm Petrobras, according to industry sources.

The offshore plant, measuring 354.3 meters in length, 34.3 meters in width and 60 meters in height, will be built at the shipyard’s FPSO-dedicated dock. It’s scheduled to be installed in the Buzios oil field in the southeastern part of Brazil.

Thus far, the shipbuilderer has clinched almost no offshore plant orders primarily because the international oil price plunged to below $50 per barrel in the mid-2010s after surging to $150.

The offshore plant market rebounded from the slump starting from last year when international oil prices bounced back.

In a conference call held on Monday, the company said it had participated or plans to participate in offshore plant project tenders being held in Qatar’s North Field, Vietnam, the Gulf of Mexico and Brazil.
Source: Korea Bizwire