Daewoo Shipbuilding & Marine Engineering has secured a mammoth USD 1.94 billion contract to build five fixed drilling platforms that are likely to be destined for work off Africa, according to a report. The South Korean yard revealed the order in a regulatory filing that stated it was for an Africa-based company, while not naming the client.
However, it is understood that Chevron is the likely company behind the order as Daewoo had been tipped earlier this year to land a huge contract from the US supermajor for its Mafumeria Sul project offshore Angola. Details of the contract, which is due to expire in April 2016, are being kept firmly under wraps by the notoriously secretive fabricator, prompting speculation as to its geographical origin.
Strong candidates would appear to be Nigeria and Angola, assuming the units are intended for production drilling, as both countries have established producing fields and are looking to ramp up output. Nigeria, in particular, is desperately trying to boost offshore oil production from known reserves to offset onshore setbacks due to militant activity that have hit its output, which is currently languishing way below its 4 million barrel-per-day capacity.
Daewoo already has a joint venture for oil transportation with state-owned Nigeria National Petroleum Corporation, named Nigeria Daewoo Shipping, in which it holds a 49% stake with NNPC holding the remainder.
