South Korea shipyard to build oil platform for Total

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South Korea's Daewoo Shipbuilding and Marine Engineering said Tuesday it had signed a 1.8 billion dollar deal to build a floating oil production and storage platform for French energy giant Total.

Daewoo, one of the world's top shipbuilders, said it would build the platform by May 2013.

The 110,000-tonne floating production, storage and offshore unit is designed to receive, process and store oil or natural gas, it said. It can be manoeuvred to different locations.

It will be able to process 160,000 barrels of oil or 6.5 million square metres of gas a day and store up to 1.8 million barrels of oil, the company said.

Daewoo chief executive Nam Sang-Tae said the new vessel, named Clov, would help the shipyard achieve its goal of winning total orders worth 10 billion dollars this year.

The shipbuilder won orders worth 7.3 billion dollars during the first seven months of this year, including a 1.2 trillion-won deal in July to build 10 container ships for an unnamed global ship operator.

In July, it also struck a deal to build two cargo ships for Singapore's Neptune Orient Lines for 230 million dollars.

© 2010 AFP

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