Hanwha Ocean (042660.KS) is stepping up its push into the South American market by developing a floating production, storage and offloading (FPSO) unit tailored to the region, where demand for offshore plants is surging.
Hanwha Ocean said on the 26th that it recently received basic design review (BDR) certification from the U.S. classification society ABS for its standard FPSO front-end engineering design (FEED) specialized for the South American market. At the same time, it obtained approval in principle (AIP) from the Norwegian classification society DNV.
The model that received the certification will be optimized and applied to the South American region, where large-scale project orders are expected to continue. An FPSO is an offshore plant that draws crude oil or gas from subsea wells, refines and stores it, and offloads it onto carrier vessels. Called a "refinery at sea," each unit typically commands an order value of more than 1 trillion won.
Earlier, Hanwha Ocean also completed a "standard FPSO pre-front-end engineering design (Pre-FEED)" applicable across deepwater oil and gas fields in West Africa, obtaining approval in principle last year from ABS and the French classification society BV.
The global FPSO market has recently seen demand expand, centered on major deepwater oil fields in South America and West Africa. Hanwha Ocean plans to build a standard FPSO portfolio spanning major offshore plant markets such as South America and West Africa by additionally developing a standard model suited to the South American market.
The standard FPSO is at the core of the "FPSO standardization strategy" that Hanwha Ocean is pursuing. Moving away from its existing approach centered on project-specific custom designs, Hanwha Ocean is developing models based on verified standard platforms to improve efficiency in design, procurement and construction. Through this, the company expects to simultaneously shorten project execution periods and enhance cost competitiveness.
"Through this certification from ABS and DNV, our FPSO design capabilities and technological competitiveness have been recognized worldwide," a Hanwha Ocean official said. "Based on a differentiated standard platform in the global FPSO market, we will strengthen our order competitiveness and provide solutions optimized to the characteristics and requirements of each region, such as South America and West Africa."
