PetroProd Converting Three Tankers into FPSOs

PetroProd Ltd on Friday made an announcement following up to its December 18-19, 2006, private placement, in which the company raised US$70 million in equity and US$150 million in debt.

PetroProd said that it has taken delivery of two of the tankers to be converted into FPSOs. On Friday, the company was set to secure the third tanker from the sellers.

The first two tankers have secured charters, each generating an average of approximately US$15,500 per day after operations cost.

The third tanker will undergo planned life extension and conversion work prior to entering the shipyard for further conversion work.

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