COSCO: Construction Contracts for Four PSVs Become Effective, China

The Board of Directors of COSCO Corporation (Singapore) Limited announced that four shipbuilding contracts signed by COSCO (Zhoushan) Shipyard Co., Ltd (a wholly-owned subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd) with a Hong Kong ship owner for the construction of four UT771CDL Platform Supply Vessels (PSVs) have been made effective on 21 December 2012 at a value of approximately $119.2 million in total.

Delivery of the above four vessels are expected to commence from first half of 2014.

In addition, within six months, the ship owner has an option to declare up to another four contracts for the construction of the same UT771CDL PSVs，which has a value of approximately US$119.2 in total. The Company will make announcements as and when the shipbuilding contracts subject to such option are declared effective.

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Press Release, December 21, 2012; Image: rolls-royce