COSCO Secures Vessel Conversion Contract

7 June 2010 (Last Updated June 7th, 2010 18:30)

China Ocean Shipping Company (COSCO) has received two contracts worth $100m for the repair and conversion of two large crude carrier tankers into floating production storage and offloading (FPSO) vessels. COSCO said the first vessel, ordered by a Japanese ship owner, is scheduled to be

China Ocean Shipping Company (COSCO) has received two contracts worth $100m for the repair and conversion of two large crude carrier tankers into floating production storage and offloading (FPSO) vessels.

COSCO said the first vessel, ordered by a Japanese ship owner, is scheduled to be complete by the third quarter of 2011, according to channelnewsasia.com.

The vessel will have a storage capacity of 1.5 million barrels and a production capacity of 24,000m3.

It will be deployed in Brazil for 20 years without dry docking, the company said.

The second ship, from a European company, will be deployed off the coast of Brazil with a minimum oil storage capacity of 1.4 million barrels and a production capacity of 140,000 barrels a day.

The vessels are scheduled for delivery in the third quarter of 2011.