Hyundai Engineering & Construction Co., South Korea's No. 2 builder, said Wednesday that it has won a deal to build a seawall and other facilities in East Timor for around $720 million.
The deal, which was initiated by the East Timor government, was jointly clinched by its affiliate Hyundai Engineering Co., the builder said in a regulatory filing.
This marked the first contract that the company has ever won from East Timor.
Under the contract, the two units of Hyundai Motor Group will build a seawall and supply facilities to be used for oil development efforts off the southern coast town of Suai.
Hyundai E&C said that it will lead the construction of a 3.3-kilometer-long seawall and others, which takes up 60 percent of the contract value. Hyundai Engineering will be in charge of building those ground-based facilities for offshore oil development.
The construction is expected to be completed in September 2018, the company said. (Yonhap)
The deal, which was initiated by the East Timor government, was jointly clinched by its affiliate Hyundai Engineering Co., the builder said in a regulatory filing.
This marked the first contract that the company has ever won from East Timor.
Under the contract, the two units of Hyundai Motor Group will build a seawall and supply facilities to be used for oil development efforts off the southern coast town of Suai.
Hyundai E&C said that it will lead the construction of a 3.3-kilometer-long seawall and others, which takes up 60 percent of the contract value. Hyundai Engineering will be in charge of building those ground-based facilities for offshore oil development.
The construction is expected to be completed in September 2018, the company said. (Yonhap)