Hyundai Heavy Industries announced that it became one of the Saudi Arabian state-owned oil company's 10 long-term agreement (LTA) contractors under a memorandum of understanding signed at a forum in Dammam, Middle East.

Korea Shipbuilding & Offshore Engineering stock, the shipbuilder's holding company, jumped 4.25 per cent to settle on Thursday at 110,500 won ($93.45).

Aramco has granted LTA eligibility to contractors for global infrastructure, construction, production, and offshore deployment.

Within the next six years, the industry expects Saudi Aramco to place an order of more than 100 fixed oil and gas platform facilities worth more than $3 billion worth of total $20 billion.

Aramco signed an agreement in December 2019 to buy a 17 per cent stake in Hyundai Oilbank, Hyundai Heavy Industries Group's oil refinery subsidiary, increasing its relationship as the refinery's second-largest shareholder.

Maritime Business World