Cosco Dalian Bags MODEC's $95M FPSO Conversion Contract

Singapore-listed Cosco Corporation (Singapore) Limited disclosed Wednesday that Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of the firm’s 51 percent owned unit, Cosco Shipyard Group Co., Ltd, has secured a floating production, storage and offloading vessel (FPSO) conversion contract from MODEC Offshore Production Systems (Singapore) Pte. Ltd.

Under the contract, valued at approximately $95 million, Cosco Dalian is scheduled to deliver the converted FPSO vessel in the fourth quarter of 2016.

Cosco revealed that the last FPSO contract, worth $370 million, was secured by Cosco Shipyard's subsidiary Cosco Nantong in December 2012. The contract involved the construction of a facility -- measuring 226 feet (78 meters) in diameter and 105 feet (32 meters) in height as well as a storage capacity of up to 400,000 barrels of oil -- for a European company.

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