COSCO Dalian Shipyard has received a $500m contract from Dalian Deepwater Development to build a DP-3 deepwater drillship.

The shipbuilding company said the vessel will feature the largest deck-load capacity, deck space and cargo storage of any drillship.

The ship has been designed to drill in water depths of 3,050m and drilling depths of 9,150m.

COSCO said the vessel is scheduled to be delivered in the third quarter of 2012.

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