COSCO wins FPSO conversion contract

FPSO Ruby Princess; Image source: MODEC (For illustration only)
FPSO Ruby Princess; Image source: MODEC (For illustration only)

COSCO (Dalian) Shipyard Co., Ltd has secured a Floating Production Storage and Offloading vessel (FPSO) conversion contract.

The contract was awarded by MODEC Offshore Production Systems (Singapore) Pte. Ltd. and it is worth approximately $95 million. The name of the vessel to be converted was not disclosed in the company’s press statement.

The converted FPSO vessel is scheduled for delivery in the fourth quarter of 2016.

According to the company, the contract is not expected to have any material impact on the net tangible assets and earnings per share of the company for the year ending December 31, 2015.

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