Wärtsilä-Hyundai joint venture acquires major...

Wärtsilä Corporation, Press release, 6 August 2008 at 6 am (EET)

Wärtsilä-Hyundai Engine Company Ltd., the new joint venture between
Wärtsilä and Hyundai Heavy Industries in South Korea, has received a
major order. The order calls for a total of 16 Wärtsilä 50DF engines
for four ships to be built by Samsung Heavy Industries. The contract
also includes an option of four more engines for a fifth vessel.  The
order is recorded in the order book of Wärtsilä-Hyundai Engine
Company Ltd.

The engines are to be installed on so called Floating Production
Storage Offloading (FPSO) vessels ordered by FLEX LNG. The first
engine will be delivered in February 2010.

The Wärtsilä 50DF dual-fuel engine represents a pioneering industry
change from traditional steam turbine machinery to a
dual-fuel-electric concept with the benefits of much better operating
economy and lower exhaust emissions. The engine can run on either
natural gas, marine diesel oil (MDO) or on heavy fuel oil (HFO).
Furthermore, the engine can smoothly switch between fuels during
engine operation and is designed to give the same output regardless
of the fuel used.

Wärtsilä Corporation and Hyundai Heavy Industries Co. Ltd (HHI)
established the 50/50-owned South Korean joint venture,
Wärtsilä-Hyundai Engine Company Ltd, in January 2007. The
joint-venture manufactures Wärtsilä 50DF dual-fuel engines for LNG
(liquefied natural gas) carriers and other marine applications. The
25,000 m2 manufacturing facility, which has a production volume of
approximately 120 engines per year, is located in the Deabul
Industrial Complex in South Korea. Production began in July, 2008.

Wärtsilä-Hyundai Engine Company has been certified to the ISO 9001
Quality Management System standard. The certificate was issued on
July 28, 2008 by the Netherlands-based accreditating authority, DNV
certification BV.

The main markets for the dual fuel engines are in South Korea, which
currently has a market share exceeding 80 percent of the LNG
shipbuilding market.

Link to a picture: 

http://www.datahotelli.com/wpr/g.jsp?id=2008_08_06
Caption: The FLEX LNG ship will be powered by four Wärtsilä 50DF
engines, manufactured by Wärtsilä-Hyundai Engine Company.

For further information, please call:
Wärtsilä-Hyundai Engine Company Ltd.
Mr Michael Lok
Director Business Management
Daebul Industrial complex,
Block 5, Nabuli 611-29, Samho-eup,
Yeongam-gun, Jeonlanamdo,
Republic of Korea 526-891
Tel:  [phone]
Mobile. [phone]
[e-mail]

About Wärtsilä Corporation
Wärtsilä enhances the business of its customers by providing them
with complete lifecycle power solutions. When creating better and
environmentally compatible technologies, Wärtsilä focuses on the
marine and energy markets with products and solutions as well as
services. Through innovative products and services, Wärtsilä sets out
to be the most valued business partner of all its customers. This is
achieved by the dedication of more than 17,000 professionals manning
160 Wärtsilä locations in 70 countries around the world. Wärtsilä is
listed on The Nordic Exchange in Helsinki, Finland.

www.wartsila.com

About Hyundai Heavy Industries
Hyundai Heavy Industries Co., Ltd (HHI) is one of the world's leading
industry companies, with 26,000 employees and net sales of USD 16.2
billion in the fiscal year 2007. HHI is also the world's number one
shipbuilder and also the world's largest builder of two stroke diesel
engines for ship propulsion and power generation.