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U.S., KOREAN COMPANIES TEAM UP

Sept. 28, 1992

Offshore Pipelines Inc., Houston, has joined with Hyundai Heavy Industries Co. Ltd. of Korea to form Offshore Hyundai International Ltd. The new company will focus on marine construction projects in the Middle East, Southeast Asia, and Far East. Initial projects include installation by OHI of 32 pipelines and a 4,400 metric ton production deck. Under separate subcontract, OPI will install 14 pipelines and six platforms.

Offshore Pipelines Inc., Houston, has joined with Hyundai Heavy Industries Co. Ltd. of Korea to form Offshore Hyundai International Ltd.

The new company will focus on marine construction projects in the Middle East, Southeast Asia, and Far East. Initial projects include installation by OHI of 32 pipelines and a 4,400 metric ton production deck.

Under separate subcontract, OPI will install 14 pipelines and six platforms.

OPI has agreed to sell to Hyundai the LB-289 pipelay vessel, DLB-423 semisubmersible combination derrick and pipelay vessel, and the OPI-319 launch barge, Each will be renamed to reflect its operation with OHI.

OPI's DB-Sarita will be modified to expand its derrick capability to 5,000 metric tons and renamed OHI-5000.