China: COSCO (Nantong) Shipyard Bags USD 220 Million Contract

January 5, 2012

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 220 million from an Asian company to build two (2) Self Propelled Pipelay Heavylift Offshore Construction Vessels.

The vessels are scheduled for delivery in the fourth quarter of 2013 and the first quarter of 2014 respectively. 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 31st December 2012.

The Contract has been announced by The Board of Directors of COSCO Corporation (Singapore).

COSCO (Nantong) Shipyard, in the past 10 years, 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.

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Shipbuilding Tribune Staff, January 5, 2012; Image: cosco-shipyard