Categories: Business

SHIN strengthens leadership position in offshore technology

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4 years ago

Managing Director of a global shipbuilding giant, Samsung Heavy Industries Nigeria (SHIN) Limited, Mr Jejin Jeon, has said the company will continue to improve on its technological expertise in order to maintain its leadership position in the offshore industry.

He noted that SHIN would use its expertise in topside design and construction, which he said were key components of offshore development facilities.

SHIN managing director, who recently made the disclosure while highlighting the achievements of the company, said notwithstanding the uncertainty in the offshore market outlook, fluctuations in short-term oil prices did not affect oil projects because of the long-term nature of oil and gas projects.

SHIN on Monday, November 23 signed a US$ 2.5 billion deal with a European company to provide ship blocks and other equipment, the largest order ever the shipyard had clinched, which Jeon said would be finalized in December 2025.

A recent update issued y the Korean company on its technological innovation showed it had made substantial investments in building more capacity and capability in offshore projects where companies’ manufacture, supply, and operate equipment for drilling and producing oil and gas buried in the seabed.

According to the update, SHIN had also built more Floating Production Storage and Offloading (FPSO) units than any other shipyard across the world.

The company was awarded an order for the world’s largest offshore platform by Sakhalin Energy Investment Company (SEIC), and an order for the world’s largest Egina FPSO by Total in France, in recognition of SHIN’s excellent turnkey-producing abilities, according to Jeon.

“Before the Egina project, most maintenance construction for Africa oil and gas projects took place outside of Africa. Nigeria did not have the capacity to fabricate and integrate an FPSO locally,” Jeon said.

Jeon also disclosed that the FPSO which had a total storage capacity of 2.3 million barrels contributed 10 per cent of Nigeria’s total production, adding that all of these major achievements by SHIN were game-changers in the oil and gas industry.

He said SHIN had earlier set a goal to win orders for offshore plants worth US$2.5 billion in 2020.

It will be recalled that in 2010, the company unveiled a method of construction, combining the upper structure with the lower structure of drilling facility on the sea while undertaking a project for Gazflot in Russia.