Hyundai Heavy Industries signed the contract for US$1.4 billion SHWE Project in Myanmar with Daewoo International Corporation on February 23. The signing ceremony was held at the main office of Daewoo International in Seoul, South Korea. Hyundai Heavy received the Letter of Intent for the project in October 2009.

The SHWE Project is for development of Block A-1 and Block A-3 at Bengal Bay, 70km west of Myanmar. It will install a gas production and processing platform to produce gas, transport the gas to Ramree Island through subsea pipelines and export the gas to China through an onshore gas terminal.

Hyundai Heavy will serve the entire project on a turnkey basis including engineering, procurement, construction, installation and commission. The company will build a 40,000-ton class offshore gas platform, a subsea production system, subsea pipelines, an onshore gas terminal, a jetty and a supply base. The project will be completed by March 2013.

“Hyundai Heavy will perform the project with best quality in the construction period. The project will help to enhance the partnership between Hyundai Heavy and Daewooo International” said Mr. Oh Byung-wook, president & CEO of Hyundai Heavy on the signing ceremony.

Hyundai Heavy expects to get additional orders in Myanmar on the basis of successful construction in SHWE Project.

Hyundai Heavy’s Offshore & Engineering Division target for new order is US$4.2 billion. The division won the US$1.1 billion order for cylindrical FPSO from Norway in early February 2010.