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Hyundai Heavy Industries wins contracts to build LNG carriers and drillships

Hyundai Heavy Industries has won a US$ 600 million order to build two 155,000 m3 LNG carriers, including an option for another same class vessel, from Greece-based Dynagas Ltd.

These membrane-type LNG carriers are due for delivery in the second half of 2013. They will feature the Dual Fuel Diesel Engine System, which allows the ship to run on oil fuel or natural gas. Due to tightening global regulations on carbon emissions, increasing demand for LNG as an alternative energy source after Japanese nuclear crisis, and price competitiveness of LNG in comparison with oil prices, Hyundai Heavy expects to see more LNG carrier orders in the future.

Winning this order brings Hyundai Heavy’s total new orders in shipbuilding and offshore & engineering divisions so far this year to 42 ships worth of US$ 10.5 billion, or 53% of the new order target of US$ 19.8 billion.

Drillships

The company has also won a US$ 1.12 billion contract for two drillships for Rowan Companies Inc. on May 31. This contract also includes an option exercisable by Rowan to order an additional same class drillship.

The vessels, measuring 229 m in length and 36 m in width, are rated for operations in water 12,000 ft (3657 m) deep. They are scheduled to be delivered by the second half of 2013.

Winning this order brings Hyundai Heavy’s total drillship new orders this year to nine, worth US$ 5 billion with options to build three more drillships. This is the most drillships of any shipbuilder in the world.

Published on 02/06/2011


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