Statoil, on behalf of the licence owners, issued a Letter of Intent (LOI) to Samsung Heavy Industries for a permanent floating oil storage unit (FSU). The contract is worth an estimated US$ 230-million and includes options to buy two additional units. The new storage unit will replace the existing buoy loading system on the Heidrun field in the Norwegian Sea. The Heidrun field has been developed with a floating tension leg platform with a concrete hull and has been on stream since 1995.