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Cosco Singapore secures landmark contract

Singapore: Cosco Corp (Singapore) yesterday announced a new US$120m ship contract, the first of its kind for the shipyard and shipping group which is trying to muscle into the lucrative offshore market. Cosco's 51-per-cent owned subsidiary, Cosco Shipyard Group, has secured a contract from MPF Corp to build the hull of a floating, drilling, processing, storage and offloading vessel (FDPSO). The vessel, which combines drilling, production and storage facilities, will be the largest and most versatile drill ship ever built, said Cosco. It is designed for multifunctional use in ultra-deep waters. The vessel will be built at the group's Cosco Dalian Shipyard. The project - Cosco's first FDPSO contract - is expected to take about 16 months and delivery is scheduled for early 2008.  [20/09/06]

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