KNOC has contracted Cosco to build an FPSO unit for $400 million as Korean yards lack experience building circular units. Ship operators Bernhard Schulte and JP Morgan ordered 8 box ships from Chinese shipbuilder Zhejiang Yangfan for $26.5 million each. Technip and COOEC won a $200 million subsea contract from CNOOC for the South China Sea gas field involving pipeline installation. Orders at Chinese shipbuilders in the Yangtze River Delta have declined 50% due to low shipping market conditions.