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Hyundai Heavy wins W1.14tr drillship contract

Hyundai Heavy Industries Co. announced Wednesday that it signed a contract to build two drillships for 1.14 trillion won ($1.03 billion) for the U.S.-based contract driller for gas Noble Drilling.

Drillships are specialized vessels fitted with drilling equipment used in gas and oil exploration in offshore locations.

With the latest contract, Hyundai Heavy has been awarded all three contracts for drillships issued this year.

The shipbuilder said that the latest contract call is for ships 229 meters long and 36 meters wide, capable of drilling to a point reaching 12 kilometers down from the sea surface.

The company plans to begin designing the vessels this month, and complete the contract by the end of September 2013, the company said.

The company rose to prominence in the drillship market when its first drillship Deepwater Champion was delivered to the world’s largest drilling firm Transocean in November last year, the company said. According to the company the Deepwater Champion is designed to be able to drill in waters up to 3.6 kilometers deep.

By Choi He-suk (