China: COSCO Nantong Shipyard Bags USD 200 Mln Shipbuilding Contract

COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD 200 million from COTEMAR S.A. De C.V., a company incorporated in Mexico, to build one Harsh Environment Semi Submersible Accommodation Vessel.

This vessel will be built to GustoMSC Ocean500 design and have capacity of 750 POB, DP3 Dynamic Positioning system and is designed to operate in the Santos Basin, Gulf of Mexico and in the North Sea.

The vessel is scheduled for delivery in 30 months time.

The contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2012.

COSCO (Nantong) Shipyard in Yangtze River Delta Region has one DWT 150,000 floating dock, one DWT 80,000 floating dock, four repair berths and 400,000m2 land areas. Back in the past 10 years, it has become the prime shipyard of the COSCO Shipyard Group, with its advanced facilities, highly-trained technical personnel and experienced workforce, handing approximately 150 vessels per year and holding the leading position in China all along and is extensively renowned home and abroad for its achievement in big projects and ship conversion.

[mappress]

Shipbuilding Tribune Staff, May 2, 2012; Image: gustomsc