ASL Marine's shipyard in Indonesia will convert a single-hull oil tanker to a floating storage and offshore vessel (FSO) at a conversion contract worth S$13.5m ($11m), Seatrade Asia online reports.
Singapore-listed Federal International, owner of the 1990-built oil tanker with a gross registered tonnage of 51,972, has sold the vessel for conversion to Indonesia-based Eastern Jason.
Federal International said the vessel, which it acquired in 2007, has been off-hire since November 2010 and the company has been incurring cost in maintaining the vessel.
ASL Shipyard Indonesia will complete the works and re-deliver the vessel to Federal International by 1 August 2013 or six months from the date the shipyard receives the seller's confirmation that the sale transaction is approved.
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