Cosco wins drilling vessel

Cosco has won its first contract to build the hull of a FPSO vessel at a cost of $120 million. The vessel combines drilling, production and storage facilities and is designed for multi-functional use in ultra-deep waters. The vessel will be build at the Cosco Dalian Shipyard and delivery is scheduled for early 2008.

The Singapore shipbuilder SembCorp Industries has raised its stake in Cosco to over 8%, up from 3%, to become a substantial shareholder.