Rolls-Royce wins £45M contract from Hyundai to design and equip four offshore vessels

Thursday, 15 March 2012

Rolls-Royce, the global power systems company, has today received an order from Korean shipbuilder Hyundai Mipo Dockyard Co, Ltd. to design and equip four deepwater platform supply vessels.

The contract is worth more than £45 million to Rolls-Royce and includes options for a further two vessels of the same type.

The vessel designs are UT 776 CD - a development of the popular Rolls-Royce UT 700 series, designed specifically for supplying equipment and services to deepwater oil and gas platforms.

Jørn Heltne, Rolls-Royce, Senior Vice President Ship Technology Offshore, said:
“Rolls-Royce UT design vessels are the benchmark in the deep water offshore oil and gas sector, combining proven ship design with leading edge marine technology. This latest order develops our long term relationship with Hyundai as a builder of these advanced vessels, designed to operate safely in the most challenging conditions.”
Hyundai’s President and CEO Mr. W.G. Choe said: “We are extremely pleased to enter into this deepwater market segment by building offshore vessels of a world leading design from Rolls-Royce.”

The 4,400 tonne, 97 metre long vessels will feature a range of Rolls-Royce equipment including a diesel-electric propulsion system which improves fuel efficiency and lowers emissions when operating at reduced power levels. The propulsion system meets current Clean Design standards – an industry-specific range of stringent environmental and safety requirements that, through the design of the vessel, reduce emissions to sea and air.

The vessels will be built at the Hyundai’s shipyard in Ulsan, Korea, and are due to be delivered in 2013 and 2014.

  1. Rolls-Royce is a world-leading provider of power systems and services for use on land, at sea and in the air, and has established a strong position in global markets - civil aerospace, defence aerospace, marine and energy.
  2. As a result of this strategy, Rolls-Royce has a broad customer base comprising more than 500 airlines, 4,000 corporate and utility aircraft and helicopter operators, 160 armed forces, more than 4,000 marine customers, including 70 navies, and energy customers in more than 80 countries.
  3. Annual underlying revenues were £11.3 billion in 2011, of which more than half came from the provision of services. The firm and announced order book stood at £62.2 billion at 31 December 2011, providing visibility of future levels of activity.
  4. Rolls-Royce employs over 40,000 people in offices, manufacturing and service facilities in over 50 countries. Over 11,000 of these employees are engineers.
  5. In 2011, Rolls-Royce invested £908 million on research and development, two thirds of which had the objective of further improving the environmental performance of its products, in particular reducing emissions. 
  6. Rolls-Royce supports a global network of 28 University Technology Centres, which connect the company’s engineers with the forefront of scientific research.
  7. The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills.
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