South Korea’s Hyundai Heavy Industries (HHI) has revealed the total contract value for constructing a deepwater hull spar for Norwegian operator Statoil will be approximately US $700 million.

The shipbuilding giant is to build the hull for Statoil’s Aasta Hansteen gas field offshore Norway as part of a consortium with Technip of France, as confirmed by the latter last week but without any contract value being disclosed. HHI, however, has added in its own press release that the total value of the letter of intent to construct the hull is “about $700 million.”

Technip will be in charge of engineering and procurement for the contracted equipment, which will also include the engineering, procurement, and transportation of the spar hull and mooring systems, as well as the design of the steel catenary risers.

HHI also said the official contract for the project is scheduled to be inked in early September. The spar hull will be the world’s largest spar, weighing 45,000 tons and measuring 195 m (640 ft) in total hull height. It will also be the first of its kind operating in Norwegian waters.

Upon delivery in 2015, it will be installed on the field (formerly called Luva), which is located 300 km (186 miles) offshore Norway in 1,300 m (4,265 ft) of water.