Daewoo Shipbuilding & Marine Engineering Co., South Korea's No. 2 shipbuilder, said Tuesday that it has signed a US$1.81 billion deal to build an offshore facility.
Under the deal with Total SA of France, Daewoo Shipbuilding will deliver the vessel by May 2013, the company said in a regulatory filing.
The so-called floating production and storage vessel will be able to produce 160,000 barrels of crude oil a day, and store up to 1.8 million barrels.
Total, Europe's third-largest oil producer, is seeking to push ahead with the Clov project in Angola, which calls for the development of a four-field cluster on the northwest sector of the African country's offshore block 17.
Total's Angolan subsidiary has a 40 percent stake in the project.
Under the deal with Total SA of France, Daewoo Shipbuilding will deliver the vessel by May 2013, the company said in a regulatory filing.
The so-called floating production and storage vessel will be able to produce 160,000 barrels of crude oil a day, and store up to 1.8 million barrels.
Total, Europe's third-largest oil producer, is seeking to push ahead with the Clov project in Angola, which calls for the development of a four-field cluster on the northwest sector of the African country's offshore block 17.
Total's Angolan subsidiary has a 40 percent stake in the project.