CNOOC has signed a contract with the China State Shipbuilding Corp. to build an advanced FPSO with 150,000 tons of storage capacity. The FPSO would be equipped with five 7,500 kW power engines. It would also be capable of handling 4.5 million tons of crude oil a year. The FPSO would be used for the Fanyu Oilfield.

Shanghai Waigaoqiao Shipbuilding Co., Ltd., a subsidiary of CSSC, will build the FPSO and the expected delivery date is 2003.