HHI Set To Put Big Dent in Offshore Market

Hyundai Heavy Industries (HHI) is reportedly set to win up to $1.3 billion worth of orders for offshore projects by end-June, according to published reports. The roster of anticipated contracts includes a pending deal for an FPSO in West Africa, an order for a semi-submersible to be deployed in the Sakhalin project, and an order to set up a jack-up production platform in the Caspian Sea, Reuters reported. In 2001, Hyundai Heavy received in excess of $2 billion in offshore project orders, including an $800 million order from ExxonMobil, up from $1.0 billion in 2000. Hyundai Heavy is reported to be chasing after $10 billion worth of offshore orders comprising 33 projects.