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Vinashin wins US $110m FSO construction deal

Ho Chi Minh City: Vietnamese state-owned shipyard group Vinashin has secured a US $110m contract to build a floating storage and offloading (FSO) unit for an affiliate of state giant PetroVietnam. The FSO, due for delivery in late 2008, is designed to have a loading capacity of 150,000 tons and to receive 15,000 tons of oil per day. It will also be able to offload 3,500-5,000 tonnes of oil per hour.

The contract signed with the Viet Nam Petroleum Technical Service Company (PTSC) is the biggest that Vinashin has entered into with a local partner. The shipyard group is expected to see estimated revenues of US $1bn this year, an increase on the US $690 seen in 2005.

PTSC has recently announced plans to expand into Southeast Asia.  [20/12/06]

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