Vinashin launches record vessel

Hai Phong (VNA) - The Vietnam Shipbuilding Industry Group (Vinashin) on Jan. 14
launched here the FSO-05, an offshore floating storage unit with a 150,000 DWT (Dead
Weight Tonnage) loading capacity.

Having this unit reaffirms the company's leading position on the world's
shipbuilding map.

The 190 million USD FSO, built on order of the PetroVietnam Technical Services Joint
Stock Company (PTSC), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam),
is the first floating storage unit ever built in Vietnam and the biggest ever
shipbuilding deal between the two domestic firms.

"It is also the biggest product built by Vinashin so far, which once again
strengthened our foothold in the world shipbuilding market" said Vinashin's CEO
Pham Thanh Binh at the launching ceremony in Nam Trieu Shipyard in Hai Phong.

Construction began in June 2007 by Vinashin's subsidiary of Nam Trieu Shipbuiling
Corporation (Nasico). The FSO-05 will be able to receive 15,000 tonnes of oil a day
and has an offload capacity of 3,500-5,000 tonnes of oil per hour.-Enditem