China: COSCO Bags 4 PSV Orders

Four shipbuilding contracts signed by COSCO (Guangdong) Shipyard Co., Ltd with an American ship owner for the construction of four UT 771 CDL Platform Supply Vessels (“PSVs”) have been made effective on 15 March 2012 at a value of over US$ 105 million in total.

Delivery of the above four vessels is expected to commence in early 2014. In addition, commencing 15 March 2013, the ship owner has options to declare up to another six contracts for the construction of the same UT 771 CDL PSVs, which have a value of over US$ 160 million in total. The Company will make announcements as and when the shipbuilding contracts subject to such options are declared effective.

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Source: Cosco, March 22, 2012