A subsidiary of China Merchant Industry Holding (CMI) has won a $73.6m contract from Jasper Investments to convert its semi-submersible vessel ‘Neptune Finder’ into an accommodation vessel.

The conversion works will be carried out at YDSL’s shipyard at Shekou in Shenzhen, China, and are expected to be completed in the second quarter of 2013.

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The company said that as per the terms of the contract, the conversion cost will be paid upon delivery of the vessel.

The conversion will bring its fleet of vessels available for charter to four, comprising a drillship, two premium jackups and one floatel.

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