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The vessel will have a separate production moon-pool and 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 thereon were originally built and installed by COSCO Dalian as part of a floating, production, drilling, storage and off-loading (FPDSO) unit for MPF Corp. Ltd which had sought bankruptcy protection in 2008. Pursuant to the insolvency proceedings that followed, a sale of MPF Corp Ltd’s assets was conducted and the said hull and equipment were acquired by COSCO Dalian pursuant to such sale. The contract with Dalian Deepwater Development Ltd became effective on 20th July 2010 and the vessel is expected to be delivered to the buyer in the third quarter of 2012. None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract. 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 31st December 2010. By Order of the Board Jiang Li Jun Vice-Chairman and President 22 July 2010 Cosco Corporation (Singapore) Limited, press release |
