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SEMBCORP Marine has won a floating storage offloading vessel (FSO) construction contract from Modec.
The contract marks its first newbuild FSO award secured on a full turnkey project basis, and involves the engineering, procurement, construction and commissioning for the project.
Modec will supply the internal turret and topsides modules, which SembMarine will install and integrate. Scheduled for delivery in the first quarter, the FSO will be deployed at Maersk Oil's Culzean field in the UK North Sea.
Shares in SembMarine closed at S$2.20 on Wednesday, down five cents.