Cosco

Cosco: Sevan Marine & Teekay have been shortlisted to build a FPSO for BG Group. Sevan teamed up with Cosco Spore while Teekay joined Samsung in the bids. Earlier, Cosco has won 2 rig contracts from Sevan worth >US$500m, of which 1 has been delivered in Nov 09 and the other sem-sub will be in 2012. FPSO coversions can range from $80-200m depending on size of tanker & complexity of job vs current orderbook of >$8bn.