South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co., said earlier today that it has delivered a fixed offshore platform worth US$2.7 billion to a multinational oil firm.
In December 2012, Daewoo Shipbuilding won a $1.8 billion deal to build the offshore facility from Norwegian Statoil ASA, but the project's value has swollen due to changes in its design and options, according to the company.
The offshore platform is capable of producing 2.5 million barrels of oil per month, which is equal to South Korea's daily oil consumption.
The platform will be installed on the North Sea continental shelf, Daewoo Shipbuilding said.
Currently, Daewoo Shipbuilding is working to build 10 offshore platforms, three of which are scheduled to be delivered by October this year.