Cosco bags a hefty US$370m vessel building deal

Its cash register rings again.

According to a release, the Board of Directors of COSCO Corporation Limited announced that COSCO Nantong Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD370 million from a European company to build one (1) FPSO.

The FPSO will measure 78 meters in diameter, 32 meters high and will have a storage capacity of up to 400,000 barrels of oil. The FPSO is scheduled for delivery in June 2015.

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