Cosco bags contracts for two PSVs and four ERRVs

COSCO Corporation (Singapore) Limited has announced that two shipbuilding contracts signed by COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, with a European ship owner for the construction of two PX121 Platform Supply Vessels have been declared effective.

The two vessels are expected to be delivered in the first and second quarters of 2016 respectively.

Additionally, the ship owner has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs. The Company will announce when the shipbuilding contracts under the option are declared effective.

The Board of Directors of Cosco Corporation has also announced that COSCO (Dalian) Shipyard Co., Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract from an Asian company to build four Emergency Response / Rescue / Field Support Vessels.

The four vessels are scheduled for delivery in the first half of 2016.

These two effective contracts for four Emergency Response / Rescue / Field Support Vessels and two PX121 Platform Supply Vessels have a value of approximately $100 million in total, excluding owner-furnished equipment.