South Korean shipbuilder Hanwha Ocean has entered the final bidding race for a floating production, storage and offloading (FPSO) unit for TotalEnergies’ Venus oil development offshore Namibia, with the contract estimated at N$48 billion (US$3 billion).
Hanwha Ocean is competing against Netherlands-based SBM Offshore for the contract as TotalEnergies advances plans to develop the deepwater Venus discovery.
TotalEnergies is targeting a final investment decision (FID) on the project in the second half of 2026, with first production expected in 2030.
Hanwha Ocean has strengthened its bid after securing global certifications for its low-carbon standard FPSO design.
The company received approval in principle from Norwegian classification society DNV, as well as approval and a Project Sustainability Execution Plan certificate from the American Bureau of Shipping (ABS).
The certifications cover systems designed to incorporate greenhouse gas-reduction technologies into FPSO projects and manage emissions-reduction targets during project execution.
Hanwha Ocean said the approach allows verified emissions-reduction technologies to be incorporated into FPSO projects where clients require additional reductions in carbon emissions.
The development comes as emissions performance increasingly forms part of the requirements for new offshore energy projects.
Hanwha Ocean has previously obtained certification for standard FPSO designs suitable for West African developments, including Namibia, and has also developed a design tailored to projects in South America.
This comes as Hanwha Ocean positions Namibia as a regional hub for its African operations, aligning its internal structures to support expansion across the continent.
In March, Hanwha Ocean appointed Uaapi Utjavari as Country Manager for Namibia within its Energy Plant Unit as the company expanded its footprint in the country’s oil and gas sector.
