Samsung Heavy to build $3bn FPSO for Nigerian oil firm

Nigerian subsidiary of Samsung Heavy Industries (SHI) has won a bid worth $3 billion to construct a Floating, Production, Storage and Offloading (FPSO) vessel for an unnamed customer. The FPSO is the largest in the world to be built.

SHI’s South Korean yard will build the hull and some upper sections of the vessel worth $1.72 billion, while the rest of the $1.28 billion contract will be performed in Nigeria.

On features of the FPSO, SHI said that the FPSO will measure 330 metres in length, 61 metres in width, and 34 metres in height with a capacity to carry 2.3 million barrels of crude. The facility will be put to use for offshore crude production in the latter half of 2017.