Keppel Shipyard Ltd has entered into an agreement with Charter Development Limited Liability Company (CDC), a special purpose company of ABN Amro Bank’s Brazilian unit, for the hull conversion of a Floating Production Unit (FPU) for $174 million. Work includes marine conversion as well as the fabrication and integration of the internal turret on the 322, 446 dwt tanker, the VLCC Settebello. When completed, the turret, with 75 risers, will be the largest turret ever fabricated and installed in the world. To be named PETROBRAS 53 (P-53), the production unit will be completed in end 2006. The facility will then be towed to a CDC topside contractor yard in Brazil for installation and integration of the topside modules.