Hyundai wins $1.1 bln Statoil order

SEOUL - Agence France-Presse

Statoil has picked South Korea’s Hyundai for a $1.1 billion project.

Hyundai Heavy Industries said Sunday it has won a $1.1 billion order from Norway’s Statoil ASA to install a topside facility on a spar hull being built by the South Korean company.

The world’s top shipbuilder by orders said it would build the 21,000-ton topside facility, capable of producing 23 million cubic metres of oil and gas a day, by March 2016.

Hyundai has already won an $800 million order from Statoil to build the spar hull some 300 kilometres (186 miles) off the northwest coast of Norway.

The company said the cylindrical, partially submerged offshore facility will be able to store 160,000 barrels of gas condensate when it is completed in the second half of 2015.