Hanwha Ocean has revealed its new design for a floating production storage and offloading unit as it advances its push into the wider role as a provider of offshore solutions for the energy industry.
The South Korean shipbuilder said it has received approval in principle for the pre-front-end engineering and design of what it is calling its “standard FPSO”.
The 340-metre long, 62-metre wide FPSO is capable of storing about 2.4m barrels of crude oil and has a production capacity of 190,000 barrels per day.
Hanwha Ocean said the unit can accommodate topsides for crude oil and, or gas production facilities, with a maximum weight of 55,000 tonnes and an area of 17,600 square metres.
The hull is designed to operate for up to 20 years without the need for dry-docking.
Hanwha Ocean said the FPSO can incorporate technologies such as zero-flaring and greenhouse gas monitoring to meet tightening environmental regulations. All onboard equipment has been electrified to reduce operational costs.
The goal is to develop a versatile, standardised FPSO suitable for deployment in the deep waters of West Africa,” Hanwha Ocean said, adding that it expects other regions such as South America to also gain demand momentum for such units.
Hanwha Ocean said it is transitioning from a traditional shipbuilder to an engineering, procurement, construction, installation, and operation solution provider, offering products such as FPSOs, floating LNG production units, offshore renewables, among others.
On Tuesday, Hanwha Ocean turned in a third-quarter net loss of KRW 74.8bn ($54.1m) reversing a net profit of KRW 231.6bn logged in the same period a year earlier.
The company reported a third-quarter crash in operating profit, down 66% year on year, at KRW 25.6bn.
Hanwha Ocean said the weak figures reflected a strong local currency, which devalued its foreign currency assets, and an increase in outsourcing costs.
The shipbuilder, which is part of the Hanwha Group, logged sales of KRW 2.7trn, up 41% on the same three months of 2023.
The company said sales rose due to an increase in LNG carrier newbuilding contracts and the incorporation of the plant division which it acquired from Hanwha Corp.
The increased number of high-priced LNG carriers is expected to boost the company’s sales and operating profit in 2025.
To date, Hanwha Ocean has netted $7.4bn worth of orders so far this year comprising 16 LNG carriers, one floating storage and regasification unit, three very large ammonia carriers, seven VLCCs and six container ships.
