Tanker Pacific Offshore has been awarded the Letter of Intent by Cuulong Joint Operating Company for the engineering, procurement, construction, installation, commissioning and operation of FSO in the Su Tu Vang (Golden Lion) Field Block 15-1, offshore Vietnam. . The contract scope includes provision and installation of PLEM and risers.

Tanker Pacific Offshore will convert the tanker “Queensway” from its pool of conversion candidates. The conversion will be done at Jurong Shipyard in Singapore and is expected to be completed in Q3 2008. This would be Tanker Pacific Offshore’s second FSO in Vietnam, in addition to the FSO Lombo Este in Dai Hung Field where the company has been operating since 1994.

The FSO will be designed for continuous service on-site for minimum 10 years without dry-docking and will be permanently moored in 50m water depth via an external turret supplied by Single Buoy Mooring. The unit will have a storage capacity of 1.1 Million barrels and design loading rate of 130,000 barrels per day.