Ulsan, South Korea – October 14 – Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, announced today it and its domestic counterparts, Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME), recently held a meeting for an “Offshore Design Standardization JIP” with American Bureau of Shipping (ABS) at Huston, Texas.

On the occasion also attended by ConocoPhilips, Technip and Musting, the three Korean shipbuilders agreed to join forces to standardize materials, design, and procedures of offshore facilities that vary by project and client by the first half of 2016.

In the absence of common rules for equipment lists, design and work procedures, offshore facilities contractors and clients alike have been facing increases in the number of materials needed and material procurement costs, and project delays with the project-specific procedures.

The three Korean major shipbuilders that have also been working on standardization with DNV GL since May this year plan to expand further their standardization work with LR and BV, and to list the common rules on ISO.

Mr. Choi Kil-seon, chairman and CEO of HHI, said, “Standardization of offshore design is an essential move to ease material cost increases and project delays, and to enhance our competitiveness in the global offshore market. We hope that the standardization will help lower the entry barrier of domestic offshore facilities equipment manufacturers in the global market.”