South Korea: Hyundai Heavy Bags $520 million Deepwater Drillship Order for Diamond Offshore

Hyundai Heavy Industries Co., Ltd. (HHI), the world’s biggest shipyard, won a $520 million order to build a new ultra-deepwater drillship for Diamond Offshore Drilling Ltd., a subsidiary of Diamond Offshore Drilling Inc., one of the top-class drilling contractors of USA. on January 4.

The agreement also includes a fixed-price option Diamond Offshore Drilling can exercise to order a second drillship by the end of the first quarter of 2011.

The vessel, measuring 229.2 meters in length and 36 meters in width with a capability of drilling in water 12,000 feet (3,600 meters) deep, is scheduled to be delivered by the middle of 2013.

This drillship features its cost-efficient and safety-enhancing design, Gusto P10000. The design helps to stabilize a drillship while operating and to use less fuel by making thrusters operate less and in turn. Hyundai Heavy applied the design to its first drillship Deepwater Champion delivered to Transocean of USA on November 16, 2010. Moreover, location controlling system, computer propulsion system and seven blowout preventers Hyundai Heavy uses also bring enhanced safety benefit on the new drillship.

Hyundai Heavy expects this new order serves as a stepping for further drillship orders in USA and Europe. So far Hyundai Heavy won five drillships.

Starting with this $520 million order, Hyundai Heavy sets new orders target for 2011 of $11 billion from Shipbuilding division (including Hyundai Samho Heavy Industries) and $4.8 billion from Offshore and Engineering division.

As company-wide, Hyundai Heavy targets 26.9 trillion won ($24 billion) in sales and $26.6 billion in new orders.

Source:Hyundai Heavy Industries, January 4, 2011;

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