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July 22, 2010

Cosco Dalian books $500 million drillship order

China's Cosco Dalian Shipyard has been awarded a $500 million turn-key EPC (Engineering, Procurement and Construction) contract by Dalian Deepwater Development Ltd to build an advanced and versatile DP3 deepwater drillship.

This unique vessel, with a hull size of 291 m by 50 m, is designed to drill wells in international oilfields with high efficiency and safety in harsh environments and at ultra-deep water depths up to 10,000 ft (3,050 m) and drilling depths exceeding 30,000 ft (9,150 m).

The vessel will have a separate production moon-pool and Cosco Dalian claims that its variable deck-load capacity, deck space and cargo storage capacity will be the highest of any drillship ever built. The drillship will be upgradeable for enhanced well intervention capabilities, extended well testing and early field production with 1 million barrels of crude oil storage capacity.

The hull of the vessel and certain equipment were originally built and installed by Cosco Dalian under a contract with Norwegian OTC listed MPF Corp. Ltd., which went bankrupt in 2008. MPF had hoped to build a fleet of Multi Purpose Floaters, combining drilling and production, storage and offloading (FDPSO) for ultradeep waters. Cosco Dalian acquired the hull and equipment in an asset sale conducted as part of the MPF insolvency process.

Cosco Dalian's contract with Dalian Deepwater Development Ltd became effective on July 20, 2010 and the vessel is expected to be delivered to the buyer in the third quarter of 2012.


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