South Korea's Hyundai Heavy wins $1.4 billion order from Kuwait

SEOUL Sat Dec 14, 2013 9:26pm EST

A shipyard of Hyundai Heavy Industries is seen in Ulsan, about 410 km (255 miles) southeast of Seoul June 28, 2013. REUTERS/Lee Jae-Won

A shipyard of Hyundai Heavy Industries is seen in Ulsan, about 410 km (255 miles) southeast of Seoul June 28, 2013.

Credit: Reuters/Lee Jae-Won

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SEOUL (Reuters) - Hyundai Heavy Industries Co Ltd (009540.KS) said on Sunday it won a $1.4 billion contract to build the first phase of the Az-Zour North Independent Water and Power Project (IWPP) in Kuwait from GDF Suez (GSZ.PA) -led consortium.

The South Korean shipbuilder and builder, as part of EPC consortium with France's Sidem, said in a statement that the contract is expected to be completed in the fourth quarter of 2016.

The statement added Hyundai Heavy has been part of the EPC consortium with Sidem since March 2011, formed by GDF Suez.

(Reporting By Jane Chung; Editing by Michael Perry)

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