Cosco Nantong Delays FPSO Delivery

Cosco Corporation’s subsidiary COSCO (Nantong) Shipyard Co. is going to delay the delivery of a Floating Production Storage and Offloading vessel (FPSO) ordered in 2012, the company informed.

Cosco said that the move was agreed due to changes in technical requirements from the undiclosed European shipowner.

The contract details, however, correspond to Dana Petroleum’s order at Cosco Nantong dating back to December 2012.

Acting on behalf of the Western Isles license partners, Dana Petroleum, signed two agreements with Sevan Marine for the application of a Sevan FPSO for the development of the Western Isles project.

The delivery date of the FPSO was originally scheduled for the second quarter of 2015. However, with the latest decision, the delivery has been pushed until the first quarter of 2017.

As explained by the shipbuilder, construction of the FPSO is on-going.

“The extension is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2015,” Cosco added.

Cosco expects to record net loss in the quarter ended September 30, 2015, as compared to a profit recorded in the corresponding period of the previous financial year amid depressed state of crude oil prices, which has had an adverse impact on the global offshore marine industry.

Another major reasons for the projected loss is the slump in the shipbuilding market which has negatively impacted the company’s shipyards, as well as the languid dry bulk shipping market which has brought great pressures to Cosco’s dry bulk fleet operations.

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