Marine Log


September 20, 2006

COSCO Dalien to build MPF hull

COSCO Corporation (Singapore) Limited has announced that its 51%-owned subsidiary, COSCO Shipyard Group has today secured a contract from MPF Corporation Limited, to build the hull of a Floating, Drilling, Processing, Storage and Offloading Vessel (FDPSO).

The MPF 1000 is designed for simultaneous drilling and production in deep waters and harsh environments including ultra deep water. The vessel is 290 meters long and has storage capability of one million barrels of oil.

The contract for the hull is valued at US$120 million.

Mr. Ji Hai Sheng, Vice Chairman and President of the Company and Vice Chairman of COSCO Shipyard Group said, "We are pleased that MPF Corporation has entrusted this technical demanding project to us. We will deliver this vessel within the time and budget stipulated, without compromising international health, safety and environmental standards."

Eivind S. Bugge, a senior official of MPF Corp. said, "MPF has chosen the hull to be built by Cosco Shipyard Group because of the group's firm decision to invest in and develop the various yards for offshore construction and the flexibility provided by the number of yards in the group. This contract will be a major part of the deliveries under our EPC contract with Dragados Offshore SA of Spain. MPF Corp. has secured the option for one additional unit."

The vessel will be build at the Cosco Dalian Shipyard. in China. The project is expected to take approximately 16 months and delivery is scheduled for early 2008