COSCO secures FPSO contract valued at over $370MM

COSCO Corporation (Singapore) announced that its subsidiary COSCO Nantong Shipyard has secured a contract valued over $370 million with an undisclosed European company for construction of a floating production storage and offloading (FPSO) unit.

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

COSCO said the contract is not expected to have a material impact on the net tangible assets and earnings per share of the company for the year ending December 31, 2012.

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