Cosco Qidong Offshore, an affiliate offshore yard of Cosco Shipping Heavy Industry, has secured a contract from Malaysia’s Yinson Holdings for the conversion of a VLCC into a FPSO.
The project will see Cosco convert Yinson’s 2002-built 308,900 dwt VLCC Falcon, acquired by Yinson from John Fredriksen’s Ship Finance International in 2018, into one of the largest FPSOs in the world.
The conversion work will take 24 months and the total value of the contract is $174m.
Yinson Holdings currently operates seven FPSOs around the world. It acquired another two VLCCs from Neda Maritime and Ridgebury Tankers last year for FPSO conversion.
This week, Yinson Holdings sealed a long-term charter contract with Petrovietnam Technical Services Corp (PTSC) for FPSO PTSC Lam Son.