COSCO Wins Contract to Build Hull for MPF's FDPSO

COSCO Corporation's subsidiary, COSCO Shipyard Group has secured a contract from MPF Corporation Limited, to build the hull of a Floating, Drilling, Processing, Storage and Offloading Vessel (FDPSO). The contract is valued at US $120 million (approximately S$188 million).

The vessel, which combines drilling, production and storage facilities is the largest and most versatile drill ship ever built. It is designed for multifunctional use in ultra-deep waters.

Mr. Ji Hai Sheng, Vice Chairman and President of the Company and Vice Chairman of COSCO Shipyard Group said, "We are pleased that MPF Corporation has entrusted this technical demanding project to us. We will deliver this vessel within the time and budget stipulated, without compromising international health, safety and environmental standards."

Mr. Eivind S. Bugge, a senior official of MPF Corp. said, "MPF has chosen the hull to be built by Cosco Shipyard Group because of the Group's firm decision to invest in and develop the various yards for offshore construction and the flexibility provided by the number of yards in the Group. This contract will be a major part of the deliveries under our EPC contract with Dragados Offshore SA of Spain. MPF Corp. has secured the option for one additional unit."

The vessel will be build at the Group's Cosco Dalian Shipyard. The project is expected to take approximately 16 months and delivery is scheduled for early 2008.

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