Daewoo to Build High-End LNG Ship

 
by Park Si-soo | Korea Times | Thursday, June 07, 2012
  
Daewoo Shipbuilding and Marine Engineering (DSME) said Thursday that it signed a $777 million (910 billion won) contract with Malaysia's Petroliam Nasional Berhad to build a high-end ship capable of producing, storing and unloading liquefied natural gas (LNG).

DSME said it was the firm's first contract to build an LNG floating production storage and offloading (FPSO) vessel. It formed a consortium with France's leading engineering company Technip to win the contract offered by the state-owned Malaysian oil company.

Under the contract, DSME and Technip will jointly design the vessel and it will be built at DSME's shipyard in Okpo, South Gyeongsang Province, to be delivered to its owner by June 2015.

The LPG-FPSO will be 984 feet (300 meters) in length and 197 feet (60 meters) wide, capable of simultaneously holding up to 6,357,640 cubic feet (180,000 cubic meters) of LNG and 706,293 cubic feet (20,000 cubic meters) of condensate, a low-density mixture of hydrocarbon liquids. Based on this capacity, it can produce, store and offload up to 1.2 million tons of LNG, DSME explained.

"Global demand for LPG-FPSO continues to increase, which I think will help DSME win additional contracts," said Ryu Wan-soo, senior executive vice president of DSME in a signing ceremony at Kuala Lumpur.

Thierry Pilenko, chairman of Technip, also expressed high expectations for the deal, saying the cooperation of DSME and Technip will lead to a successful operation.

DSME's labor union issued a rare congratulatory message, saying its members will make "utmost efforts and support" to make a vessel of the highest quality.

Including this deal, DSME has signed 16 contracts worth $5.77 billion this year. Its annual target is $11 billion.




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