Fred Olsen places $700 million deepwater semi order in Hyundai Heavy

A wholly owned subsidiary of Fred. Olsen Energy has entered into a turnkey contract with Hyundai Heavy Industries Co., Ltd. for the building of a harsh environment ultra deepwater semi submersible drilling rig with scheduled delivery in March 2015.

Total project cost is estimated to $700 million (including spare parts, owner furnished equipment and yard project team).

Another subsidiary for Fred

Olsen Energy ASA has been granted an option from Hyundai for the purchase of a similar second drilling rig exercisable within October 2012.

The new drilling rig will be a Moss Maritime CS 60 E design and is designed for water depth capacity up to 10,000 feet.

The unit will be fully compliant with Norwegian Continental Shelf requirements, and is designed for year round operations in the Norwegian Barents Sea. Further, the rig is specially designed for safe and efficient drilling and completion operations for the full water depth range.

Hyundai Engineering (HDEC) signs on $1.5 Billion Ma'aden Aluminium refinery Contract

Hyundai Engineering & Construction has signed the letter of intent (LOI) with Ma'aden Bauxite and Alumina Company for the $1.5bn aluminum refinery project to be built at the Ras Al Khair industrial complex.

The details on the contract, which was awarded to the Korean company in March, specify that the refinery will have an annual production capacity of 1.8m tons of smelter-grade alumina, and that the project due for completion by the end of 2014.

"The contract includes completing detailed engineering, procurement, construction, pre-commissioning, commissioning assistance, start-up assistance and training services," said a Ma'aden statement posted on the bourse.

The signing of the deal puts a safeguard in place to prevent the occurrence of a breakdown in negotiations. Earlier in the project's tendering phase Fluor Corp. was awarded the contract, but that decision was then subsequently reversed.

Saudi's majority state-owned Ma'aden has a 74.9% share in the fully integrated Ras Al Khair aluminium complex, which will ultimately comprise a bauxite mine at Ba'aitha, an alumina refinery, aluminum smelter and rolling mill. The remaining 25.1% stake in the project is owned by the US Alcoa.

"The government of the Kingdom of Saudi Arabia has set the vision and established the infrastructure to enable the development of the world's largest, lowest cost, fully integrated aluminum industrial complex," said Abdullah Busfar, Vice President of Maaden's Aluminium Strategic Business Unit.

The refinery is part of the second phase of the $10.8 Billion Minerals Industrial City project on the East coast of Saudi Arabia, 60 km North of Jubail, Eastern Province, Saudi Arabia.

Hyundai Heavy Industries Introduces the ultra large R1200-9 Excavator

Hyundai Heavy Industries (HHI), the world's biggest shipbuilder and a leading construction equipment manufacturer, announced yesterday (May 23, 2012) the launching of the 120-ton excavator (R1200-9) in the Korean market.

The new ultra-large excavator, featuring the Hi-Mate remote management system, can generate power up to 750 hp. The R1200-9 excavator has been very popular in Russia, Australia, and Indonesia since it debuted in those markets last year.

The new excavators are the biggest in the Korean market. The next biggest excavator is Hyundai Heavy's 80-ton excavator (800LC-9).

With the introduction of this new model, Hyundai Heavy is the only Korean company with a full line-up of excavators, ranging from 1.6-ton mini excavators to 120-ton excavators.

The excavators measure 14.5 m in length, 5.5 m in width, and 6.2 m in height. They also have self-diagnostic for major parts, 7-inch LCD dashboard, rear camera, sun roof, and anti-theft system.

Hyundai Heavy has been seeing rapid growth in its construction equipment business with constant technological developments and introduction of market-friendly models. Hyundai Heavy introduced Korea's first electric excavators and hybrid excavators in 2010.

HHI - Veteran lawmaker Chung announces bid for president in South Korea

Chung Mong-joon, a veteran lawmaker and a 6^th son of the late Hyundai Group founder, declared his candidacy for president Sunday, saying he will write a new history for the country.

In a news conference at the National Assembly in Seoul, the 60-year-old Chung said, "I will write a new history for Korea by drawing on my experiences in managing a firm, in foreign diplomacy and in helping the Republic of Korea become one."

The presidential election is scheduled for Dec. 19 with incumbent President Lee Myung-bak barred by law from seeking re-election.

Chung's announcement came weeks after he was re-elected to parliament for a seventh straight term in the April 11 general elections. It was Chung's second time being chosen to represent a Seoul electoral district, after serving five terms in the southeastern city of Ulsan, where the world's largest shipyard, Hyundai Heavy Industries Co., is based.

The lawmaker is a son of late Hyundai Group founder Chung Ju-yung and the biggest shareholder of Hyundai Heavy Industries.

"The Republic of Korea is standing at a crossroads. I am concerned our country could collapse in its current situation," Chung said. "Now, we must change. We must bring together the divided hearts of the people. What created the miracle of industrialization and democratization, envied by the world, was not so much political leaders as our great people."

He vowed to push for political and economic reforms, accusing politicians of deceiving the people with populist ideas and lamenting the lack of solutions to various social ills, such as social polarization and youth unemployment.

Creating a sustainable welfare system, removing faction politics and demanding greater corporate social responsibility would also be priorities for him, he said.

Addressing North Korea, he suggested preparing "diplomatic measures" in cooperation with other concerned parties such as China, the United States and the United Nations to "firmly respond" to any future provocations from the communist country.

Chung is the second member of the ruling Saenuri Party to officially declare for the ruling party's presidential candidacy. Last week, Gyeonggi Province Governor Kim Moon-soo declared his bid.

Chung served as vice president of football's international governing body FIFA from 1994 through 2011 and helped bring South Korea its first FIFA World Cup in 2002, when the country co-hosted the event with Japan. Hyundai is one of FIFA's major sponsors. The businessman is now honorary vice president of the organization.

The two contenders are expected to face an uphill battle against Saenuri's interim leader Park Geun-hye, a long-time presidential hopeful who led the party to a morale-boosting victory in this month's parliamentary elections.

Park has broad support from across the party and the current primary rules appear favorable to her in giving roughly the same weight to party members and ordinary citizens.

Last week, Kim called for an "open primary" that selects the party's presidential candidate based entirely on support from ordinary citizens regardless of their party membership.

Lee Jae-oh, a close confidant of the current president, and former Prime Minister Chung Un-chan, are also expected to run for the country's lead post. (Yonhap)