DSME Receives Order for $510 million Offshore Platform

Daewoo Shipbuilding & Marine Engineering (DSME) received an order for an offshore platform used in the production of natural gas.

DSME announced on Tuesday that it had received an order for an offshore platform used in oil and natural gas production by Chevron, one of the chief oil producers in the US. The contract amounts to $510 million, and the order will be built at the Okpo shipyard in South Korea and installed at the local site in Angola by the third quarter of 2013.

This platform is an add-on for the existing production facility located on Angola's Block 0 oilfields, and will be used to expand its natural gas processing capacity. The existing platform is installed in the coast of the Cabinda region at the northern part of Angola. At present, it produces 100,000 barrels of crude oil and 4.0 million m3 of natural gas per day. The new add-on platform will expand gas production by an additional five million m3 per day.

"We are pursuing a wide range of cooperative relationships, and our participation in the management of Angola's offshore structure shipyard is one of them," said an official from DSME. "The energy development sector has been gaining momentum, and local management is expected to help us secure more orders for such offshore drilling structures."

Counting this contract, DSME has received eight orders worth $4.5 billion this year.

[Written by Soon-woo Chung - Samji Chung / edited by Soyoung Chung]

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