Hyundai Heavy Industries, a Korea-based company mainly engaged in the ship building business, has clinched a $500 million order to build two new LNG floating storage regasification units, or FSRU, for Hoegh of Norway.
This contract also includes an option exercisable by Hoegh to order two additional same-class LNG FSRUs. The 170,000 cbm LNG FSRUs, measuring 294 meters in length and 46 meters in width, can store 70,000 tons of chilled natural gas. These two vessels are scheduled to be delivered by the second half of 2013 and the first half of 2014 respectively, and will operate for 40 years.