HHI makes move to lower equipment procurement costs

Hyundai Heavy Industries (HHI) has completed the first phase of the four-year-long plan for localizing offshore facilities equipment and components that the company has mostly secured from overseas suppliers.

Since September last year, HHI and its local offshore equipment supply partners have been working on localizing key equipment for offshore facilities. Now, they completed developing 74 equipment and received an approval from its clients for the use of 31 items for the on-going projects in HHI’s offshore yard in Ulsan.

Under the plan, HHI will continue to work on localizing a total of 151 major equipment including pressure vessels and chemical injection pumps for semi-submersible rigs and FPSO, and subsea pipelines in cooperation with the local small and medium-sized partner companies by 2018.

Upon completion of the plan, the Ulsan-based shipbuilding company says it will be able to lower equipment procurement costs and improve process management for facilities, while its partners will have chances to expand into new overseas markets.

According to HHI, the plan is a part of its long-standing shared growth policy it has been pursuing to help domestic equipment and material suppliers to develop new products, improve product quality, and enter into new markets. In 2009, HHI supported local venders to be listed on the venders’ list of the major overseas clients and in 2013, the company set up “The Committee for Localizing Valves for Industrial Plants” in association with Samsung Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and local valve suppliers.

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply