China: COSCO Nantong Secures $370 Mln FPSO Order

China: COSCO Nantong Secures $370 Mln FPSO Order

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) announce that 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 USD370 million from a European company to build one (1) FPSO.

The FPSO will measure 78 meters in diameter, 32 meters high and will have a storage capacity of up to 400,000 barrels of oil. The FPSO is scheduled for delivery in June 2015.

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.

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Press Release, December 17, 2012