COSCO drops Octabuoy construction
COSCO Nantong shipyard has scrapped construction of the Octabuoy offshore production platform.
COSCO said it had tried to find a buyer for the Octabuoy and, while several potential buyers had expressed interest, COSCO Nantong has no agreement for the sale.
In 2008, COSCO contracted to build the platform’s hull and the topsides for ATP Oil & Gas’ UK subsidiary.ATP Oil & Gas in 2012 filed for bankruptcy and that pushed COSCO into looking for another buyer.
TheMoss Maritime-designed unconventional unit originally was to be used for the development of the Cheviot field in the UK North Sea.