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HHI secures FSRU contract from India

Wednesday, 06 Sep 2017

South Korean yard Hyundai Heavy Industries (HHI) has won an order from Indian customer Triumph Offshore Private, a unit of India’s Swan Energy, to build one floating storage and regasification unit (FSRU) with a capacity of 180,000cu.m.

The value of the order was not disclosed, but analysts estimated it at US$230 million. The deal marks the shipbuilder’s second order in 2017 to build a FSRU. Early this year, Hyundai Heavy secured a deal from a Turkish consortium also to build a similar unit. The Triumph FSRU will be employed to a planned LNG import project in Gujarat off India. The Indian company plans to establish a 5 million tonne a year LNG import terminal in Jafrabad, Gujarat. The company initially had planned to acquire FSRU from Belgium group Exmar NV, but the agreement between both companies did not come to completion.

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