STX Offshore & Shipbuilding announced this morning that it has signed a formal contract with a North African oil company to build a Floating Storage & Offloading facility worth around KRW 480bn ($430m).
The large FSO unit, 324 meters in length and 51m in width, has a storage capacity of 1.5 million barrels of crude oil, equating to around 70% of Korea's daily oil consumption.
STX Dalian in China will deliver the FSO by the first half of 2015.
Meanwhile, Korea's STX Group-affiliated shipyards around the world have inked 11 ship orders worth around $1bn in September alone, bringing the total order intake so far this year to 89 ships worth $5.4bn.
September orders include four 9,200TEU boxships for China's CIMC and three 12,000CBM ethylene/LPG carriers for Unigas.