Cosco bags FPSO conversion deal

Singapore-listed shipbuilding company, Cosco Corp Ltd’s subsidiary Cosco Shipyard, has secured a $21.7 million deal to convert an oil tanker to a FPSO vessel. The conversion of the vessel is expected to commence in late Aug 2007 at Cosco’s Nantong shipyard in China, with delivery scheduled for mid 2008. Cosco won the deal and three other conversion contracts announced earlier this month from customers in the United States, Taiwan and India.