Cosco Dalian bags $500m drillship contract

Cosco Dalian Shipyard has won a $500m contract to build a deepwater drillship. The shipyard has secured a $500m turn-key engineering, procurement and construction contract with Dalian Deepwater Development for a DP3 deepwater drillship. The hull of the vessel and some of the equipment were built by Cosco Dalian as part of a floating, production, drilling, storage and off-loading unit for MPF Corp, which filed for bankruptcy in 2008. The shipyard acquired the hull and equipment in an asset sale in insolvency proceedings for MPF. The vessel is due to be delivered to Dalian Deepwater in the third quarter 2012.