HHI to Build FPS for LLOG Exploration

South Korean shipbuilder Hyundai Heavy Industries (HHI) has been awarded a contract to build a floating production system(FPS) for LLOG Exploration of the U.S..

HHI, the world's biggest shipbuilder by orders, said in a stock exchange announcement that the offshore facility order is worth $454 million from the Louisiana-based, privately-held LLOG Exploration.

The floating production storage and offloading unit would be constructed from August next year after a year-long design for completion and delivery in the first half of 2021.

LLOG Exploration Company, one of the largest privately-owned exploration and production companies in US, said it would use the facility in the Gulf of Mexico (GOM). The company is focused on the deepwater GOM.

According to a report in Pulse News, Hyundai Heavy Industries has shut down part of the offshore dock due to lack of work after its last order delivery in August.

Over 2,000 redundant workers have been asked to go on rotating unpaid leave or voluntarily retire. The company plans to pitch harder to win new orders to normalize offshore dock as early as possible, it said.