A contract COSCO Dalian Shipyard of China signed with MODEC of Japan has gone into effect regarding a VLCC “Algarve” to be converted to a FPSO unit.
This conversion project is marked as the eighth following after the shipyard successfully delivered "FPSO CIDADE DE MANGARATIBA MV24", the seventh FPSO conversion project, to MODEC.
The project is to convert a very large crude oil carrier to floating production, storage and offloading unit (FPSO) which is capable of processing 15,000 barrels of crude oil and 8m-cbm of natural gas a day with storing up to 1.6m barrels of crude oil.