Daewoo Gets Offshore Platform Order from Chevron

MarketWatch has reported that Daewoo Shipbuilding & Marine Engineering Co. has received an order from a unit of Chevron Corp. (CVX) to build a drilling and production platform.

The contract is the world's largest offshore plant order in terms of value and the facility's size, said Daewoo Shipbuilding in a statement. The plant will be delivered to Cabinda Gulf Oil Co. by the end of May 2009 and will be located at Angola's offshore oil field, Tombua-Landana, to produce 130,000 barrels of crude oil a day. The contract was awarded on a turnkey basis, meaning Daewoo will not only build, but also operate the platform.

With the new order, Daewoo Shipbuilding's offshore facility orders secured this year have reached $3.72b, exceeding its 2006 target of $3b, it said. Its total new orders in 2006 amount to $9.26b so far. source: MarketWatch