South Korea's Hyundai Heavy Industries said it had signed Wednesday a $1.94 billion deal to build offshore oil and gas processing platforms in the United Arab Emirates.
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Under the deal with Abu Dhabi Marine Operating Co. -- a subsidiary of the Abu Dhabi National Oil Co.-- the world's top shipbuilder will build four giant platforms and underwater power cables as part of a new offshore oil and gas production complex.
The project, called Nasr Full Field Development Project, is under construction at a location 130 kilometres (80 miles) northwest of Abu Dhabi.
The project, to be completed by the end of 2019, will triple the area's oil production to 65,000 barrels a day from the current 22,000 barrels, Hyundai said.