Vinashin secures local FSO order

The Vietnam Shipbuilding Industry Group (Vinashin) has signed a contract to supply a floating storage and offloading (FSO) unit worth $110 million to the Vietnam Petroleum Technical Service Company (PTSC).

“This is our biggest ever shipbuilding contract signed with a local partner,” said Vinashin CEO Pham Thanh Binh. Binh said Vinashin will apply British technology to build the FSO in order to ensure quality. “We will try our best to meet the project’s high demands,” he added. Delivery is scheduled within the next 17 months.

According to the contract, FSO-05 will have a loading capacity of 150,000 DWT and be able to receive 15,000 tonnes of oil a day. It can also offload 3,500- 5,000 tonnes of oil per hour.

Vinashin is targeting $1 billion in revenue this year, up from $690 million in 2005.